Regency Centers sells Coral Springs shopping center to Clearwater investor

Regal Cinemas anchors the 130,400 sf property

Magnolia Shoppes and Regency's chairman and CEO Hap Stein
Magnolia Shoppes and Regency's chairman and CEO Hap Stein

Regency Centers just sold a shopping center in Coral Springs for $23.2 million, according to property records.

Williams Magnolia Properties LLC, a Coral Springs company led by Jimmy Williams of Clearwater, purchased the Magnolia Shoppes at 9645 and 9549 to 9675 Westview Drive.

The 130,400-square-foot shopping center, anchored by a 73,500-square-foot Regal Cinemas, sold for about $180 per square foot. The buyer financed the deal with a $15.5 million loan from Citibank.

Sign Up for the undefined Newsletter

The strip mall was built in 1998 on a nearly 15-acre lot on the southwest corner of University Drive and the Sawgrass Expressway. Other tenants in the plaza include Dollar Tree, W Salon, Creative Child Learning Center and Moon Thai & Japanese. A neighboring Office Depot and YouFit Health Club were not included in the deal. It last sold for $11.55 million in 1999.

Regency, an owner, operator, and developer of grocery-anchored shopping centers, manages a portfolio of more than 425 properties, according to its website. In 2016, it acquired North Miami Beach-based Equity One for roughly $5 billion.

In December, Regency sold an LA Fitness-anchored shopping center in Pembroke Pines for $14.1 million.