Raleigh’s Ridgewood Shopping Center off Wade Avenue was purchased for $45.8 million by real estate investment trust Regency Centers Corp., which operates and develops grocery-anchored retail spaces.

Anchored by Whole Foods Market, Ridgewood marks Regency’s 13th property in the Triangle and its fifth inside Raleigh’s Beltline. Regency’s shopping centers including Cameron Village, Midtown East and Market at Colonnade Center.

“We are focused on grocery-anchored shopping centers: Best-in-class grocery retailers,” said Regency’s Vice President and Market Officer Matt Hagan. “This checks every box.”

Hagan explained that Ridgewood experienced partial redevelopment under the prior owner, and Regency expects to continue the process.

He was unable to comment on specific property changes Regency, which is based in Jacksonville, Florida, plans to make.

“The previous owner has owned it for a long time,” says Hagan. “They have done a great job of creating one of the best neighborhood-serving shopping centers for the area. Whole Foods is arguably one of the best grocers out there. We do plan on putting some money into it so that it continues to serve the affluent community around it.”

Regency anticipates growth in Raleigh, which would mean revenue realized in the near term through lease renewals — signed with higher rates for tenants. The property has three large tenants — Walgreens, with 12,150 square feet; Orvis, with 14,489 square feet; and Whole Foods, with 17,753 square feet.

With such a presence in the area, Regency feels it is poised to provide a support network for its tenants.

“We own Cameron Village,” says Hagan. “We are developing the first Wegmans. We own Holly Park. We also own Glenwood Village.

“With Ridgewood, this will be our fifth asset inside the beltline,” he added. “This will give us the opportunity to leverage our team that’s already got boots on the ground — right there we’ve got an office, less than a mile from the property. That’s helpful for the tenants: They can be on guard when the landlord is a large company.”

The joint venture deal — of which Regency owns a 20 percent stake — was negotiated by Charlotte’s Berkeley Capital Advisors, a specialist in grocery-anchored retail. Berkeley is currently marketing the golden-domed Wellington Park in Cary, an asset anchored by Lowes Foods.