Regency Centers Corp., a Florida-based national operator and developer of community shopping centers, recently closed on a $150 million, three-property acquisition in Fairfield in conjunction with Fairfield-based Kleban Properties L.L.C.
The centers deal includes Black Rock Shopping Center, Brick Walk and Fairfield Center and was completed as a joint venture of Kleban and Regency. Kleban owns and manages its own portfolio, including more than 10 shopping centers in Fairfield. The Kleban-Regency partnership was announced in December.
Said Kleban principal Al Kleban, “We believe that this is the most significant real estate transaction to have ever been consummated in Fairfield. It is a testament to the town of Fairfield, its aesthetic character, its properties, the community and the community as a whole. We are presently exploring, in an aggressive way, further exciting opportunities together with Regency and hopefully with Fairfield University.” (Kleban was recently instrumental in siting the new Fairfield University business incubator ”” Fairfield Accelerator and Mentoring Enterprise ”” above the school bookstore, FCBJ Nov. 11, 2013.)
All three properties are currently 100 percent leased. Together, they offer a cumulative 315,000 square feet of mixed-use space, with the retail components representing 73.5 percent of portfolio revenues. The largest center, Brick Walk, has 121,000 square feet of retail, office and residential space. Key tenants there include Morgan Stanley, Fidelity Investments and Citibank ”” making the center a hotspot for financial services ”” in addition to retailers such as Molto, Sprint, Flip Side and Jos. A. Bank.
The 92,000-square-foot Fairfield Center is one block from the Metro-North rail station. Fairfield Center is also mixed-use; its ground levels offer diverse retailers, including Chico”™s, Banana Republic and Wells Fargo, while the upper floor is reserved for office space. The third property, Black Rock Shopping Center, offers 98,000 square foot of retail space, anchored by the Old Navy, GAP, Massage Envy and Carters stores.
