Regency buys class-A center in D.C. metro area

SILVER SPRING, Md. —Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.

A 9,306-sq.-ft. Trader Joe’s anchors the neighborhood center alongside Starbucks, Chico’s and AT&T. The center benefits from strong visibility and accessibility with more than 62,000 vehicles per day passing on Route 29, a major north-south thoroughfare linking the D.C. and Baltimore metro areas.

About 166,782 people live inside the three-mile ring. Average household income is $100,000. Nearly one million square feet of office, medical, flex and industrial space and support a daytime population of 145,716.