The acquisition of two shopping centers by Evansville-based Regency Properties has expanded the real estate company’s total commercial portfolio by 330,000 sq. ft. – a 15% net increase – and also continues a two-year geographic expansion for the firm.
The purchase of the two centers – Prestonsburg Village (Prestonsburg, Ky.) and Twin County Plaza (Galax, Va.) – further increases the footprint of Regency-owned properties into eight states. Another positive aspect of the two acquisitions is the addition of several recognizable national and regional brand names to Regency’s tenant roster, including Walmart, Tractor Supply Co. and Magic Mart.
“We are extremely pleased to announce the purchase of these two centers in solid communities,” said Kevin Hammett, Regency President and CEO. “Both centers are well located and have an attractive mix of tenants that complement and strengthen our overall portfolio of tenants.”
Regency now owns 31 shopping centers with over 2.6 million sq. ft. of retail and office space in 21 cities, most of which are mid-sized county seats of government.
“Prestonsburg and Galax are perfect fits for Regency’s profile of desirable markets in which to own shopping centers,” commented Jeff Howell, Regency’s Vice President of Acquisitions and Business Management. “Regency’s philosophy is to attract and keep tenants that appeal to local customers. We work hard to keep our centers attractive and well maintained, thereby creating an environment in which our tenants can be successful.”
A prime example of Regency’s commitment to tenant satisfaction is reflected in the company’s 2011 National Commercial Real Estate Customer Service Award for Excellence. Recognized by independent industry analyst CEL & Associates, Regency was the first retailfocused commercial real estate company in its peer group to earn CEL’s top award.
About Regency Properties
Founded in 1949, Regency Properties has established an award-winning reputation for developing, managing and leasing commercial real estate properties. Regency specializes in acquiring, upgrading and managing shopping centers in mid-sized communities throughout the Midwest and Southeast.