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Regency Buys Old Town Square for $27.5M from Principal Life Insurance
Old Town Square, a retail property anchored by Jewel-Osco, was purchased by Florida-based real estate investment trust Regency Centers for $27.5 million. Located at 424 W. Division Street, the 87,123-square-foot shopping center property was sold by Iowa-based Principal Life Insurance, which had owned the property since buying it in 2001 for $19.8 million, according to Crain’s citing CoStar.
CBRE’s George Good, Richard Frolik and Christian Williams brokered the sale. Old Town Square’s occupancy rate was 97 percent, and the property had nearly nine years of weighted average lease term.
Regency is one of the country’s largest shopping center owners, operators, and developers. The firm’s portfolio includes 480 properties nationwide and more than 56 million square feet. Earlier this year, Regency and Retail REIT Urstadt Biddle merged in a deal in which Regency acquired Greenwich, Connecticut-based Urstadt Biddle in an all-stock transaction valued at $1.4 billion.
