Regency Properties, a commercial real estate company specializing in county seat communities, has acquired its second retail shopping center in Virginia with the addition of Smyth Valley Crossing. Located on South Main Street in Marion, the 160,000 square foot center is anchored by Ingles grocery store and Wal-Mart. Smyth Valley Crossing joins Twin County Plaza, located in Galax, as the second center in the state of Virginia that Regency has acquired in the past two years.
Smyth Valley Crossing is located along the I-81 corridor in the major retail district for the city of Marion and is the dominant shopping center for Smyth County. Marion features appealing characteristics such as a vibrant local economy, a low cost of living and interstate access. These features made Marion an excellent fit for Regency’s acquisition criteria and focus on small to medium sized county seat communities.
Regency is committed to working closely with tenants to strengthen its properties through upgrades and attracting additional retail opportunities. The company won the National Commercial Real Estate Customer Service Award for Excellence an unprecedented two out of the past three years. The top award is determined each year by industry analyst CEL & Associates based on satisfaction surveys of thousands of tenants of management companies across the United States.
“We are excited to expand our presence in Virginia,” remarked Regency CEO Kevin Hammett, “But above all, we are excited to begin working with our tenants in Marion. Regency brings a proven track record of tenant satisfaction to county seat communities.”
Since 2011, Regency has acquired between two and three properties each year in county seat communities, including the 2012 acquisition of Twin County Plaza, located in Galax, Va. Smyth Valley Crossing is the second Regency acquisition in 2014, joining Lumberton Towne Centre, located in Lumberton, N.C.