Jacksonville, Fla.-based Regency Centers has acquired Balboa Mesa Shopping Center, a 189,321-sq.-ft. infill shopping center anchored by a 42,247-sq.-ft. Vons grocery store.
Regency purchased the San Diego property for $59.5 million from Balboa Realty LLC.
Built in 1969, Balboa Mesa Shopping Center is also anchored by a 77,000-sq.-ft. Kohl’s and a 24,000-sq.-ft. CVS/pharmacy.
“Balboa Mesa fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Howard Overton, VP of transactions for Regency Centers.
According to Regency, the property, which is 95% leased, is ripe for redevelopment, which would increase square footage and improve NOI.