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Regency Buys Willow Festival

Regency Buys Willow Festival
Willow Festival
In the second largest Chicago retail sale of the year, Regency Centers purchased the 405k SF Willow Festival in Northbrook for $64M  from its developer, Hamilton Partners. Regency's Nick Wibbenmeyer says the Whole Foods-anchored center is located in a great  infill  location in the upscale North Shore, making it an easy sell for the Texas-based owner-operator's 17th Chicago center. The new owner worked with Transwestern's Paul Barile (formerly with HFF), who brought the center to their attention. They'll take over the existing loan on the property.
Willow Festival
With just under 18k SF left to lease in the center, Nick says Regency will look for a soft goods retailer to complement the Home Goods, REI, and DSW already in the center, or maybe a service provider like a dentist or insurance agent. Regency also recently purchased the 64k SF Glen Oak Center in Glenview and sold Stone Crossing  in Bartlett. Nick says he's looking to continue the company's growth in 2011, focusing on long-term ownership of grocery-anchored centers is key markets.