Regency and Kleban Reach $150M Deal on Fairfield Properties

Kleban Properties has sold an 80% stake in three shopping center properties in Fairfield for $150 million to Regency Centers Corp. The properties sold 100% leased at a rate of $476/SF. Kleban Properties manages a portfolio of over ten shopping centers in Fairfield. Regency Centers is a Florida based company that owns and develops shopping centers totaling over 43 million square feet.

The three shopping centers include Brick Walk, Fairfield Center, and Black Rock Shopping Center. The three properties include 315,000 square feet of mixed use space, with 73.5% of portfolio revenues coming from the retail components. Brick Walk is the largest center and boasts 121,000 square feet of retail, office, and residential space leased to tenants such as Morgan Stanley, Jos. A. Bank, and Molto. Fairfield Center contains 92,000 square feet of mixed use space and is a short walk from the Fairfield Train Station. The Black Rock Shopping Center is comprised of 98,000 square feet of retail space and is anchored by tenants such as GAP, Old Navy, and Massage Envy.