Regency Sells 200 KSF California Retail Center for $62M
May 16, 2012
By: Nicholas Ziegler

Regency Centers Corp. has just sold a 199,666-square-foot shopping center in San Pedro, Calif., to an affiliate of First Washington Realty Inc. — a private real estate investment, management and advisory firm — for $62 million. Studley represented Regency in the transaction. ...

... Bill Bauman, executive vice president of Studley’s national retail group, called the shopping center “a well-positioned, prominently anchored asset in a core infill market.” He also noted that “more than 20 bids were received on the property, reflecting its history of strong tenant sales performance and stable rental growth.” ...

... The greater Los Angeles area is expected to see significant motion in the retail market during 2012, according to a report by Marcus & Millichap Real Estate Investment Services Inc. ... 

... According to Studley, the buyer is planning to invest in “capital upgrades to further enhance the center and attract additional national tenants to the property.” ...

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