Regency Centers Purchases Rockridge Center for $20.5 Million

Regency Centers REG closed on the acquisition of Rockridge Center, a 125,213 square foot neighborhood shopping center anchored by Cub Foods. The property was purchased in an off-market transaction on August 8 for $20.5 million from private real estate development company Hempel Properties. This is the second grocery-anchored shopping center acquisition by Regency within 45 days. Remodeled in 2006, Rockridge Center is 99% occupied and is anchored by an 89,219 square foot Cub Foods. The center further benefits from a strong line-up of national retailers including Caribou Coffee, Qdoba Mexican Grill, Papa Murphy's, Subway and Fantastic Sam's. The center is strategically located at the intersection of Rockford Road and Nathan Lane amongst a dense population of 86,000 with an average household income of $96,000.