Regency Centers Acquires Shops at Mira Vista
Mar 4, 2014
Regency Centers Corp. (NYSE: REG), a Jacksonville, FL-based institutional investor of grocery-anchored retail centers, continued its expansion in Texas with the purchase of the 68,340-square-foot Shops at Mira Vista in Austin from Dallas-based Sarofim Realty Advisors
The 48,340-square-foot neighborhood center was constructed at 2805 Bee Cave Rd. in 1960 with a 20,000-square-foot addition constructed at 2785 Bee Cave Rd. in 2004. The Shops at Mira Vista is anchored by Trader Joe's - the specialty grocery chain’s first location in the Austin market - and houses a Panera Bread Co., Nothing Bundt Cakes and Champions Cheer and Dance, among others. The center currently stands at 98% occupancy
"The acquisition of the Shops at Mira Vista fits perfectly with our strategy to invest in class A centers located in high-barrier markets," said Stuart Brackenridge, vice president of transactions for Regency.
Jim Batjer and Barry Brown of HFF negotiated the sale on behalf of Sarofim Realty Advisors
This is the fifth acquisition in the Austin market for Regency Centers Corp.