Regency buys University Commons in Boca for $80.5M

University Commons, an open-air shopping center in Boca Raton, has traded hands for $80.5 million, The Real Deal has learned.

Regency Centers closed on the purchase of the 180,323-square-foot center at 1400 Glades Road on Sept. 1, a spokesman for the Jacksonville-based company told TRD.

Holliday Fenoglio Fowler, L.P. marketed the property on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties.

Developed in 2001 by Schmier & Feurring Properties, University Commons includes one primary building with four outparcel buildings and 1,156 parking spaces.  

The 22.4-acre center 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, according to a release.

“University Commons is one of the premier retail centers in the country,” Finkle said in a statement.  “Its combination of location, tenancy and design are impeccable and highlighted by the tenant’s outstanding sales performance.”

Regency Centers owns, operates and develops dominant, grocery-anchored retail centers. The company currently owns 321 shopping centers in most major U.S. markets.

In South Florida, Regency owns nine shopping centers in addition to University Commons, including Shoppes@104 in Kendall Lakes, Fountain Square in Miami, Aventura Shopping Center in Aventura, Welleby Plaza in Sunrise and Caligo Crossing in Coconut Creek.