EVANSVILLE, Ind. – Regency Properties has acquired its first property in Louisiana with the purchase of Park Terrace Shopping Center in DeRidder. The Evansville-based real estate company recently completed the acquisition of the 128,000 square foot shopping center anchored by JC Penney and Stage Stores. Park Terrace is the dominant retail shopping center for the city of DeRidder, located on North Pine Street (U.S. Highway 171), the major northsouth corridor for the town.
“With a population of approximately 10,000 and convenient access along Highway 171, DeRidder and Park Terrace provide a strong fit for Regency’s acquisition criteria and unique industry focus on county seat communities,” remarked Kevin Hammett, Regency president and CEO. “We are delighted to expand our service area into Louisiana.”
In 2014 Regency will invest an additional half million dollars to renovate and upgrade the center. With this renovation Regency expects to draw new national and regional tenants to the market.
The acquisition of Park Terrace expands the Regency footprint to ten states, located in the Midwest and Southeast. Founded in 1949, Regency Properties specializes in acquiring, upgrading and managing shopping centers in small and mid-sized communities. Regency owns over 2.5 million square feet of retail shopping center space. Park Terrace is the third shopping center acquired by Regency Properties this year.