Regency Centers Sells Fort Lauderdale Retail Asset
Regency Centers has sold Tamarac Town Square, a 124,585-square-foot Publix-anchored shopping center in Tamarac, Fla., with the assistance of JLL. An affiliate of Jamestown purchased the 83.8 percent-leased asset for $22.5 million, as reported by The Real Deal. The property previously traded in 1998 for $10.2 million, according to CommerciaEdge data.
Tamarac Town Square came online in 1983 on some 18 acres. The property’s tenant roster includes a diverse mix of national and regional retailers such as Retro Fitness, Dollar Tree, Goodwill, Humana, Amscot and McDonald’s.
Located at 8129-8315 N. Pine Island Road, the retail center is near Route 817, which provides easy access to downtown Fort Lauderdale, Fla. Tamarac Town Square serves approximately 135,494 individuals within a 3-mile radius, with the average household income of $82,786.
JLL Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kimberly Flores led the Capital Markets team working on behalf of Regency.
Last year, Regency completed the all-stock acquisition of Urstadt Biddle Properties Inc. for an estimated $1.4 billion, expanding its footprint of grocery-anchored shopping centers in premier suburban trade areas. At the time of closing, the combined portfolio comprised 480 properties encompassing more than 56 million square feet of gross leasable area.
Fort Lauderdale’s retail scene
The Fort Lauderdale retail market mirrors a multifaceted environment shaped by robust household and income expansion, tourism and ongoing construction activity. The yearly net absorption remains on the positive side, with 870,000 square feet absorbed as of the fourth quarter of 2023, exceeding the five-year average of 490,000 square feet, according to a recent Matthews report.
However, the same source shows that the pace of transactions decelerated last year when compared to 2022. The investment volume totaled $738 million in 2023, while the first three quarters of 2022 alone saw transactions surpassing $1.2 billion.
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