Jacksonville-based Regency Centers has purchased the the University Commons retail plaza in Boca Raton for $80.5 million. Located across the street from Florida Atlantic University, the 180,323 square-foot shopping center traded for $446 per square foot. The property sits on a 22.4 acre site leased from the university. The seller, Boca Raton-based Schmier & Fuering Properties, was represented by HFF. Regency Centers owns 319 shopping centers across the country.
The center is 100 percent-leased to major tenants such as Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, PF Chang’s, J. Alexander’s, Mario’s Osteria, and Shake Shack.
“University Commons is a trophy asset that we are extremely excited about,” said Scott Porter, VP of transactions for Regency Centers. “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.”
