The Real Deal Miami

Regency Centers sells Coral Springs shopping center to Clearwater investor

Regal Cinemas anchors the 130,400 sf property
By Amanda Rabines | July 19, 2018 03:30PM

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.

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.