Regency Centers – REG – Acquires Four Shopping Centers in December
Regency Centers Corporation (NYSE: REG) announced that prior to year end the Company acquired four properties at a total purchase price of $188.5 million. Regency’s share of the total purchase price was $147.4 million. The Company also disposed of three non-strategic properties during the fourth quarter at a total sales price of $76.6 million. Regency’s share of the total sales price was $49.7 million. For the full year 2012, the Company acquired $334.3 million of dominant shopping centers (Regency’s share was $242.8 million) and sold $581.2 million of non-strategic assets (Regency’s share was $404.9 million).
REG – Acquisition Activity
Uptown District, located in San Diego, CA, was purchased on a wholly owned basis for a gross purchase price of $81.1 million. The 148,638 square foot urban center is the dominant grocery shopping destination in San Diego’s densely populated Hillcrest neighborhood. Uptown District is 95% leased and anchored by two grocers, Ralphs (a banner of The Kroger Company) and Trader Joe’s.
Sandy Springs Plaza, located in the affluent Atlanta neighborhood of Sandy Springs, was purchased on a wholly owned basis for a gross purchase price of $35.3 million. The 115,794 square foot center is situated along Roswell Road, which is the major north-south thoroughfare extending from Atlanta’s premier Buckhead neighborhood. Sandy Springs Plaza is 95% leased and anchored by Trader Joe’s, Pier 1 Imports and Party City.
Village Plaza, located in Chapel Hill, NC, was purchased with a co-investment partner for a gross purchase price of $16.7 million. Regency’s share of the purchase price was $3.3 million. The 78,128 square foot neighborhood center sits approximately two miles northeast of the University of North Carolina at Chapel Hill. Village Plaza is 100% leased and anchored by Whole Foods.
A 50% interest was purchased in Phillips Place, located in Charlotte, NC. The gross purchase price was $55.4 million, with Regency’s share being $27.7 million. The 133,059 square foot upscale retail center is located adjacent to the super-regional SouthPark Mall in Charlotte’s affluent South Park submarket. Phillips Place is 99% leased and includes best-in-class operators such as Dean & Deluca, Regal Cinemas, Brooks Brothers and The Palm Restaurant.
About Regency Centers Corporation – REG
Regency (REG) is the preeminent national owner, operator, and developer of dominant grocery-anchored and community shopping centers. At September 30, 2012, REG owned 347 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 46.1 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 209 shopping centers, including those currently in-process, representing an investment at completion of more than $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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