Jacksonville, FL-based Regency Centers (NYSE:REG), together with co-investment partner Macquarie CountryWide of Australia, sold seven "non-core" properties, totaling 804,457 square feet, to a joint venture between New York-based Angelo Gordon & Co and Maryland-based Spectrum Partners. The portfolio of centers sold for $108.1 million, or approximately $134.38 per square foot, with a cap rate of 7.75 percent; this sale price is $10.5 million less than the agreed-upon price Macquarie announced in Nov. 2007.
Bill Kent and Gary Lawrence of CB Richard Ellis' Washington D.C. office represented the seller in the transaction. A buyer representative was not disclosed.
Barry Argalas, Regency Centers senior vice president of National Acquisitions and Dispositions said, "The disruption in the capital markets has not only impacted new debt, it has also lengthened the loan assumption process. This was a great example of buyer and seller working together to get through the extended loan assumption process and achieve a successful result."