The Island Village Shopping Center, also called the Safeway plaza on Bainbridge Island, has been sold to Regency Centers Corp., it was announced Thursday.
“Regency Centers are true experts on grocery-anchored retail, as well as proven long-term holders who genuinely care about the communities they operate in,” said URG founder and chief executive officer Patrick Callahan. “As a long-term resident of Bainbridge Island and CEO of Urban Renaissance Group, I am confident that this acquisition is great fit for the center’s retailers as well as our island’s residents.”
The 106,000-square-foot center is 98% leased.
“This site is a gem when it comes to its location, community and attributes,” said Patrick Conway, senior vice president and senior market officer for Regency Centers. “It is a highly trafficked and important shopping center with great long-term merchants, and fits right within our scope of expertise. We are looking forward to bringing our time-tested operational strategy to this destination.”
Trade area populations and household bases are growing at a rate that outpaces the surrounding markets, and are projected to continue doing so for some time, a news release from the company says. The island is a constant residential draw that is bolstered by a vibrant tourism economy.
The news release states that Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Their portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities and customers. Regency Centers operates as a fully integrated real estate company,.
Urban Renaissance Group LLC is a Seattle-based commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership. Founded in 2006, the strategic premise of URG is that the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, creating place, generating appropriate returns for its investors and opportunities for its partners and employees.