Boca Raton Shopping Center Fetches $80 Million

A high-profile Boca Raton retail center changed hands in an $80 million deal announced Wednesday.
Jacksonville-based Regency Centers Corp. acquired University Commons, a fully leased 180,323-square-foot shopping center known for having one of the nation’s most high-traffic Whole Foods Markets on its tenant roster.
The seller was Boca Raton-based retail and office developer Schmier & Feurring Properties, whose portfolio includes holdings in Florida and Michigan.
Schmier & Feurring developed University Commons in 2001 on a 22.4 acres at 1400 Glades Road just east of Interstate 95 and across from Florida Atlantic University. It attracted national retailers and high-credit tenants like Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond Inc., P.F. Chang’s and Shake Shack.
 

“University Commons is a trophy asset that we are extremely excited about,” Regency Centers vice president of transactions Scott Porter said in a statement. “It’s rare that you find a property with its mixture of fundamental retail drivers: the proximity to a very high-volume mall, adjacent to I-95, located in an affluent and densely populated market, while also being located directly across from a large university campus. This asset is poised to continue to operate at a very high-level.”

The buyer has 319 retail properties with a combined 42.8 million square feet in 28 states and the District of Columbia. Regency has developed 219 shopping centers since 2000.
HFF marketed the property for Schmier & Feurring, using a Miami team led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.
 

Finkle said the center’s “location, tenancy and design are impeccable and highlighted by the tenant’s outstanding sales performance.”

The deal is the second multimillion-dollar transaction involving HFF and Schmier & Feurring Properties in recent months.
In April the investment advisers represented a Schmier & Feurring affiliate in its $53.5 million sale of Wellington Green Commons to WRI Wellington Green, linked to Houston-based real estate investment trust Weingarten Realty Investors.
 

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