Regency Centers purchases Rockridge Center for $20.5 million
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.
PREIT announces new retail leases
Philadelphia — Pennsylvania Real Estate Investment Trust announced that almost half-a-million sq. ft. of leasable space was signed or opened across its mall portfolio since the end of April.
According to PREIT, leases have been executed with J.C. Penney, Nordstrom Rack, Bravo Cucina Italiana and Forever 21 at Willow Grove (Pa.) Park, in the reconfigured space formerly occupied by Strawbridge’s.
Chef Bobby Flay’s Bobby’s Burger Palace and Grande Lux Café by The Cheesecake Factory will open locations at Cherry Hill Mall in Cherry Hill, N.J.; Osteria Duo, owned and operated by Catelli Restaurant Group, is slated to open at PREIT’s mixed-use project, Voorhees Town Center in Voorhees, N.J.; Red Robin Gourmet Burger opened at Francis Scott Key Mall in Frederick, Md.; and Texas Roadhouse is coming to Valley View Mall in Lacrosse, Wis.
Michael Kors and True Religion Brand Jeans will arrive at Cherry Hill Mall this fall. Jos. A. Bank opened at Willow Grove Park and opens soon at Gadsden Mall in Gadsden, Ala.
Nontraditional uses headlined by the openings of the municipal offices of Voorhees Township at Voorhees Town Center and the National Entrepreneur Center, a Walt Disney Co.-backed resource center for small businesses, which relocated to Orlando Fashion Square in Orlando, complement the retail mix and consumer experience in select PREIT centers.
“Our malls have experienced sales growth for the past six consecutive quarters,” said Joseph F. Coradino, president of PREIT Services LLC and PREIT-RUBIN. “The sales momentum is motivating retail interest across all categories and will serve as a platform for future growth.”
CBRE announces exec promotion
New York City — CB Richard Ellis Group, Inc. announced Tuesday that Matt Van Buren has been promoted to president, New York Tri-State Region.
Van Buren joined CBRE in January 2006. Previously, he served as executive managing director, with responsibility for CBRE’s Midtown Manhattan brokerage division, as well as all activities relating to the firm’s operations at its New York City headquarters at 200 Park Avenue.
With his promotion, Van Buren will join CBRE’s Americas Executive Committee, and will continue to serve on the Americas Operations Management Board.