Hempel Sells Plymouth Retail Center for $20M
Jacksonville, Florida-based Regency Centers on Monday announced its second significant acquisition in the Twin Cities metro area within the past 45 days.
Regency-which owns, operates, and develops shopping centers that are anchored by grocery stores-has closed on its purchase of the Rockridge Center, a 125,213-square-foot shopping center in Plymouth that is anchored by a Cub Foods store.
Regency bought the center from Minneapolis-based private real estate development company Hempel Properties for $20.5 million.
Regency bought Calhoun Commons, a 66,150-square-foot shopping center in Uptown Minneapolis that is anchored by a Whole Foods Market, on July 1. Regency paid about $21 million for that property.
The Rockridge Center, which was remodeled in 2006, is 99 percent occupied by tenants that include Caribou Coffee, Qdoba Mexican Grill, Papa Murphy's, Subway, and Fantastic Sam's, in addition to Cub Foods.
“Rockridge Center is anchored by one of the top performing Cub Foods in the market with strong co-tenancy, occupancy, and retail sales,” Stuart Brackenridge, vice president of transactions for Regency Centers, said in a statement. “The center has all the key attributes-market-dominant anchor, infill location, and superior demographics-that are consistent with Regency's portfolio of quality centers.”
In addition to the recently acquired Rockridge Center and Calhoun Commons, Regency owns three retail centers near the Twin Cities: Apple Valley Square in Apple Valley, Colonial Square in Wayzata, and Rockford Road Plaza in Plymouth, according to the company's Web site. Nationally, Regency owned 367 retail properties as of the end of June.