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Lowe, a private real estate company, closed on an off-market transaction with Regency Centers Corporation to acquire its portion of the Sequoia Station Shopping Center in downtown Redwood City, the company announced Thursday.

Lowe is in the process of seeking entitlements to redevelop the site into a mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail on 6.65 acres. The shopping center is anchored by Safeway and CVS, and is adjacent to downtown and the highly trafficked Redwood City Caltrain Station. Safeway will retain its current ownership within the shopping center and both Safeway and CVS will remain open and operational as the phased project is constructed, according to Lowe. 

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