Regency Centers acquires 141,382 s/f Lake Grove Commons for $72.5 million

Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of its first New York property, the 141,382 s/f Lake Grove Commons, for $72.5 million with its co-investment partner First Washington Realty, Inc. 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. Located at the intersection of New Moriches Rd. and U.S. 347 with 55,000 vehicles daily, the center has visibility across from super-regional shopping center Smith Haven Mall. "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. "With an infill location, market-dominant anchors and affluent consumer base, Lake Grove Commons complements Regency's premier portfolio and will allow us to pursue assets with similar qualities in the Greater New York area." Lake Grove Commons is the fifth grocery-anchored center acquisition for Regency within the past twelve months. Jeffrey Dunne and David Gavin with CBRE represented the seller Lake Grove Enterprises, LLC. Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of September 30, 2011, the Company owned 367 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.8 million s/f located in top markets throughout the U.S.