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Urban Edge Pays $90.3M for 140K-SF Boca Raton Retail Center
Urban Edge Properties acquired Regency Court, a premier 140,000-square-foot grocery-anchored shopping center in Boca Raton, Florida, for a purchase price of $90.3 million. Invesco was the seller.
The property is anchored by Publix and Walgreens. Urban Edge underwrote the acquisition based on rent-growth opportunities rather than the approximately 4% going-in yield. Both anchor tenants pay below-market rents, and their leases, including options, expire in six years. According to the company’s last quarterly report, it expects the asset to generate an 8% to 9% unlevered internal rate of return.
The property has no other grocery-anchored center within 2 miles and attracts 3.3 million visitors annually, with traffic continuing to rise.
Management said it intends to pursue additional Florida opportunities selectively, potentially recycling capital from stabilized, high-credit and lower-growth power centers in New Jersey. The company may also consider other parts of Florida, depending on individual real estate opportunities.
- ◦Sale/Acquisition
