Regency Properties continues its geographic expansion with the recent acquisition of a shopping center in West Virginia. The Evansville-based real estate company recently completed the purchase of the 80,000 sq. ft. Country Roads Plaza in Hinton, West Virginia.
“We are extremely pleased to announce our entry into West Virginia with the purchase of the shopping center in Hinton,” said Kevin Hammett, Regency President and CEO. “The center in Hinton is well located on the main retail corridor and the attractive tenant mix at Country Roads Plaza includes Magic Mart, First Community Bank, and Kroger. The center complements and strengthens our overall portfolio of tenants.”
“Hinton is a perfect fit 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. “The location in the New River Valley and the traffic flow through the region make it a great shopping center for Summers County. We’re excited to begin serving West Virginia and the Hinton community.”
Country Roads Plaza is the third shopping center purchase announced since November 2012 when Regency announced the acquisition of shopping centers in Prestonsburg, Ky. and Galax, Va. The combined square footage of the three newest centers represent a 22% increase in Regency’s commercial portfolio and expands the geographic footprint of Regency-owned properties into nine states.
Regency owns 29 shopping centers with over 2.3 million sq. ft. of retail and office space in 18 cities, most of which are county seat communities. Since 1949, Regency has enjoyed an excellent reputation with its tenants and within its communities for continual upgrades and improvements to its quality properties.
Central to Regency’s successful growth is a commitment to tenant satisfaction which 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 retail focused commercial real estate company in its peer group to earn CEL’s top award.