Kleban closes on sale of stake in 3 properties
Fairfield-based Kleban Properties has closed on the sale of an 80-percent stake in three of its local commercial properties -- Brick Walk and Fairfield Center downtown, and Black Rock Shopping Center on Black Rock Turnpike.
Closing on the $150 million sale to Regency Centers Corp. was announced March 12. The agreement was announced in December. All three properties are fully leased, Regency Centers said in a news release.
Regency Centers is a Jacksonville, Fla.-based owner and developer of shopping centers that total more than 43 million square feet.
The three Fairfield properties total 315,000 square feet of mixed-use space, more than 70 percent of it retail, according to the release.
Brick Walk on Post Road is the largest of the three, with 121,000 square feet of retail, office and residential space. Key tenants include Morgan Stanley, Fidelity Investments, Citibank, Molto and Jos. A. Bank.
Black Rock Shopping Center has 98,000 square feet of retail space, and tenants include Old Navy, GAP, Massage Envy and Carter's stores.
"These three properties are an excellent acquisition for Regency Centers," Joanna Rotonde, the company's senior manager of transactions, said in the news release. The diversity of the properties' tenants makes this an exciting addition to our regional offerings, and we're thrilled to work with Kleban Properties as our partner on this new venture."