Regency Properties, a commercial real estate company specializing in county seat communities, recently acquired Raceway Mall in Knoxville, Iowa. The shopping center is Regency’s first property in Iowa and will add an additional 43,112 square feet to Regency’s portfolio.
Raceway Mall is Knoxville’s dominant shopping center and is anchored by the newly renovated Hy-Vee grocery store. Knoxville, Iowa, county seat to Marion County, is also home to the National Sprint Car Hall of Fame & Museum. The shopping center is located directly across from the Marion County Fairgrounds and Knoxville Raceway. Regency Properties plans on spending over $250,000 in renovations for this center. Renovations are scheduled for 2017-2018 and include improvements to the parking lot, pylon sign, and exterior façade.
“We are excited to expand our footprint into Iowa,” said Jeff Howell, Senior Vice President and Chief Investment Officer. “We are working to grow more in the Midwest and this is a great center that fits perfectly into our portfolio.”