REAL ESTATE

Regency acquires Calhoun Commons for $21 million

BY Katherine Boccaccio

Jacksonville, Fla. — Regency Centers said Tuesday it has closed on the acquisition of Calhoun Commons, a 66,150-sq.-ft. neighborhood shopping center located in Minneapolis and anchored by Whole Foods Market.

The property was purchased in an off-market transaction on July 1 for $21 million from Calhoun Commons Shopping Center Limited Partnership, a subsidiary of Doran Cos. and the original developer of the property.

Built in 1999, Calhoun Commons is a Class A shopping center anchored by a 49,471-sq.-ft. Whole Foods Market, along with national retailers such as Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry’s and Noodles & Co. According to Regency, the fully leased center produces strong retail sales and high historical occupancy with more than 94% of the gross leasable area occupied by first-generation tenants.

With the acquisition of Calhoun Commons, Regency owns four retail centers in the Minneapolis market and has a fifth under contract. Regency’s Minneapolis portfolio totals more than 550,000 sq. ft.

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REAL ESTATE

Present Value Properties names VP

BY Staff Writer

Tustin, Calif. — Real estate brokerage firm Present Value Properties said Tuesday that Britt Nelson has joined the company as VP.

Previously founder and president of NewCity Development, Nelson was responsible for site selection, acquisition, and procurement of development projects. Other responsibilities included coordination of the overall development teams and municipal relations.

Nelson will be working with existing Present Value Properties’ clients including Pizza Hut and Menchie’s Frozen Yogurt franchisees.

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REAL ESTATE

General Growth names marketing exec

BY Staff Writer

Chicago — General Growth Properties announced Tuesday that Susan E. Houck has been named senior VP marketing.

In her new capacity, Houck will spearhead integrated field marketing efforts, including advertising, public relations, strategic planning, community relations, and travel and tourism.

Prior to her appointment as senior VP, Houck oversaw marketing efforts for the Southwest region of GGP.

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