Regency Centers, a Florida-based real estate investment trust, has acquired Old Town Square for $27.5 million. The retail property is anchored by Jewel-Osco and located at 424 W. Division Street in Chicago’s Old Town neighborhood.
The 87,123-square-foot shopping center was previously owned by Iowa-based Principal Life Insurance since its purchase in 2001 for $19.8 million, according to CoStar as reported by Crain’s.
CBRE brokers George Good, Richard Frolik and Christian Williams facilitated the sale of the property which boasts a high occupancy rate of 97 percent and an average lease term of nearly nine years.
As one of the largest owners, operators and developers of shopping centers in the country with a portfolio encompassing over 480 properties totaling more than 56 million square feet nationwide; Regency is known for its expertise in commercial real estate investments.
In addition to this recent acquisition, Regency made headlines earlier this year when it merged with Retail REIT Urstadt Biddle through an all-stock transaction valued at $1.4 billion that saw Greenwich-based Urstadt Biddle become part of their expanding portfolio.
