Sale of iconic Boca Raton, Florida, shopping center closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of University Commons, a 180,323-square-foot, 100-percent-leased shopping center with multiple national anchors in Boca Raton, Florida.
HFF marketed the property on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties. Jacksonville-based Regency Centers purchased the asset subject to an existing loan.
Situated on 22.4 acres at the Interstate 95 interchange, University Commons is located at 1400 Glades Road. This “main and main” location is in one of Boca Raton’s top commercial trade areas and is visible to approximately 260,000 vehicles per day. Developed in 2001 by the seller, the pedestrian-friendly, open-air center consists of one primary building with four outparcel buildings and 1,156 parking spaces. University Commons is 100 percent leased to Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, PF Chang’s, J. Alexander’s, Mario’s Osteria, and Shake Shack.
The HFF team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.
“University Commons is one of the premier retail centers in the country,” Finkle said. “Its combination of location, tenancy and design are impeccable and highlighted by the tenant’s outstanding sales performance.”
“I have a tremendous amount of excitement about purchasing this trophy asset that will further promote Regency’s time-tested strategy of acquiring very high quality shopping centers,” said Scott Porter, vice president of Transactions for Regency Centers. “We couldn’t have done this without the good people over at HFF and Schmier & Feurring Properties. Their expertise and professionalism were key in working through many hurdles in this deal.”
About Schmier & Feurring Properties, Inc.
For over 30 years, Schmier & Feurring Properties, Inc. (S&F) has built its reputation as one of the leading retail and office developers in South Florida. Since its first project in Boca Raton in 1981, S&F has developed over 3 million square feet of retail, office, industrial and residential real estate throughout Florida and Michigan. For more information, visit www.sfrealty.com.
About Regency Centers
For more than 50 years, Regency Centers (Regency, NYSE: REG) has owned, operated and developed dominant, grocery-anchored retail centers that are exceptionally merchandised and maintained. Its legacy of success is evidenced by 321 thriving centers located in most major U.S. markets, with 19 regional offices that support its centers. Retailers seek out Regency first, because of the expertise and integrity the company’s people bring to every interaction. Visit www.regencycenters.com for more information or follow Regency on Twitter @regencycenters.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF, together with its affiliate HFFS, offers clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.