Jacksonville, Fla. -- Regency Centers said Monday it has acquired Rockridge Center, a 125,213-sq.-ft. grocery-anchored neighborhood center in Plymouth, Minn.
The property was purchased in an off-market transaction for $20.5 million from private real estate development company Hempel Properties.
This is the second grocery-anchored shopping center acquisition by Regency within 45 days.
Remodeled in 2006, Rockridge Center is 99% occupied and is anchored by an 89,219-sq.-ft. Cub Foods, accompanied by a lineup of national retailers including Caribou Coffee, Qdoba Mexican Grill, Papa Murphy’s, Subway and Fantastic Sam’s.
This acquisition follows the recent purchase of Calhoun Commons, a 66,150-sq.-ft. neighborhood center anchored by Whole Foods Market, in Minneapolis.