Jacksonville-Based Regency Centers Buys Miami Retail Site For $17 Million

Regency Centers bought a 23-acre site in the Fountainbleau area of Miami-Dade County, with plans to build a shopping center including Publix Sabor and Target.
The Jacksonville-based developer (NYSE: REG) acquired the property at 9801 to 10001 W. Flagler Street for $17 million, according to a press release. Brokers Don Ginsburg  and Mike Christopher, of Fort Lauderdale-based Realty Masters, represented seller Blue Lake Development, managed by Bruce Rapee. The site previously had a mobile home park that was emptied out.
Regency Centers announced plans for a 320,339-square-foot shopping center. Tenants will include Target in 139,751 square feet, Publix Sabor in 45,600 square feet, Panera Bread, Viva Movil by Verizon and Hair Cuttery. It will be called Fontainebleau Square.
“We could not ask for a better location for our first ground-up development project in Dade County,” Regency Centers VP of Investments Josh Spooner stated in a news release. “Retailer interest is high as Fontainebleau Square brings together the key components for success – an infill location with high barriers to entry and market-dominant anchors. In fact, the center is already 86 percent leased and committed.”
Site work has started and the anchor tenants should open in the fourth quarter of 2014.
 
Source:  SFBJ