Jacksonville, Fla. -- Regency Centers said Tuesday it has closed on the acquisition of Calhoun Commons, a 66,150-sq.-ft. neighborhood shopping center located in Minneapolis and anchored by Whole Foods Market.
The property was purchased in an off-market transaction on July 1 for $21 million from Calhoun Commons Shopping Center Limited Partnership, a subsidiary of Doran Cos. and the original developer of the property.
Built in 1999, Calhoun Commons is a Class A shopping center anchored by a 49,471-sq.-ft. Whole Foods Market, along with national retailers such as Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry’s and Noodles & Co. According to Regency, the fully leased center produces strong retail sales and high historical occupancy with more than 94% of the gross leasable area occupied by first-generation tenants.
With the acquisition of Calhoun Commons, Regency owns four retail centers in the Minneapolis market and has a fifth under contract. Regency’s Minneapolis portfolio totals more than 550,000 sq. ft.