Regency Centers — a “national property owner, operator, and developer” which also owns Woodmoor Shopping Center — recently purchased the Shoppes of Burnt Mills, where Trader Joe’s and California Tortilla are located, from Four Corners, LLC. The sale price was $13.6 million.
Four Corners, LLC, an affiliated entity of Bethesda-based Finmarc Management, Inc., the shopping center’s original developer, is owned by David Fink and Marc Solomon, who both grew up in our neighborhood.
Regency Centers only put up $2.7 million of the $13.6 million total for the 31,316-square-foot neighborhood center; the remaining $10.9 million was paid by an unnamed “co-investment partner.” Trying to discover the silent partner has proved problematic. Neither David Fink at Finmarc Management nor Devin Corini, Regency’s vice president of investments, responded to calls and emails requesting information about the undisclosed investment partner.
Legal records show that the shopping center was purchased by Columbia II Burnt Mills Shopping Center, LLC, a Delaware limited liability company formed on 31 January 2013 and registered in Maryland on 11 June 2013. The sole member of the purchaser, Columbia II Burnt Mills Shopping Center, LLC, is Columbia Regency Partners II, LLC, which is managed by Regency Centers, L.P., a Delaware limited partnership. The general partner of Regency Centers, L.P., is Regency Centers Corporation, a Florida corporation. The shopping center purchase was accomplished under a Ground Lease; the underlying land is owned by the Leisner Family Limited Partnership, a Florida limited partnership.
Wonder why it’s such a big secret! ■
© 2013 NFCCA [Source: https://nfcca.org/news/nn201310d.html]