Regency Centers Corporation announced the acquisition of a portfolio of five premier suburban shopping centers for $357 million. These centers are located within the Rancho Mission Viejo (RMV) master-planned community in Orange County, CA.
The portfolio totals close to 630,000 square feet and is 97% leased, featuring needs-based tenants and highly productive grocers. Demographics in the community are strong, with a 3-mile average household income of approximately $200,000.
Regency funded the acquisition using a combination of operating partnership (OP) units issued at $72 per unit, the assumption of $150 million of secured mortgage debt with a 4.2% weighted average interest rate and a 12-year term, and $7 million in cash. The transaction is expected to be accretive to Regency’s 2025 Core Operating Earnings per share.
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