Jacksonville, Fla. -- Regency Centers announced it has closed on the acquisition of its first New York property, the 141,382-sq.-ft. Lake Grove Commons, for $72.5 million with its co-investment partner First Washington Realty.
Located on Long Island, Lake Grove Commons is a Class A property anchored by the only Whole Foods Market in Suffolk County along with LA Fitness and Petco. Built in 2008, the center is fully leased to six national tenants.
“As the newest center in a fully developed market with high barriers to entry, Lake Grove Commons provides a strong foundation to expand Regency’s presence into one of the top retail markets in the country,” said Scott Porter, senior manager of acquisitions for Regency Centers.
Lake Grove Commons is the fifth grocery-anchored center acquisition for Regency within the past 12 months. While Lake Grove Commons is Regency’s first asset in New York State, the company also owns the 103,891-sq.-ft. Plaza Square anchored by ShopRite in Wayne, N.J., considered part of the New York CBSA.