Regency Centers just sold an LA Fitness-anchored shopping center in Pembroke Pines to California investors, property records show.
The Jacksonville real estate investment trust sold Chapel Trail Plaza, a 56,400-square-foot retail center at 18445-18455 Pines Boulevard, to Walnut, California-based 4528 Colbath LLC for $14.1 million. The company, led by Tad Tilin and Yi Lin Yao, financed the deal with a $9.2 million mortgage from Standard Insurance Company.
The sale breaks down to about $250 per square foot.
Regency’s Equity One, which it acquired last year in a $5 billion deal, paid nearly $8.9 million for the 10-acre property in 2006.
The shopping center, built in 1995, sold fully leased to tenants that include P&L Nail Salon, Boca Tanning Club and Nutritional Power Center. LA Fitness leases nearly 52,000 square feet at the plaza, according to online marketing materials. HFF’s Danny Finkle, Luis Castillo, Eric Williams, Megan Fitzpatrick, Kim Flores and Nat Scarmazzi represented the seller.
Regency is an owner, operator, and developer of grocery-anchored shopping centers. It manages a portfolio of more than 425 properties, according to its website. In November, the REIT sold another shopping center in Davie for $21.3 million.