Regency Properties, a commercial real estate company specializing in county seat communities, recently acquired Vernal Towne Center in Vernal, Utah, the county seat of Uintah County. The shopping center is Regency’s first property in the state and will add an additional 161,695 square feet to Regency’s portfolio, which now includes properties in 15 states.
Vernal Towne Center was built in 2013 and currently has a 92.25 percent occupancy rate. The shopping center benefits from visibility along West Highway 40 (U.S. Route 191), which has an average traffic count of 24,585 cars per day. Current tenants of the center include Petco, Boot Barn, Ulta, Sally Beauty Supply, Jo-Ann Fabrics, Ross Dress for Less, T.J. Maxx, Great Harvest, H&R Block, Anytime Fitness, Jimmy John’s, Strata Network and Sportsman’s Warehouse.
“Expanding to Utah is a great step in creating a national platform for our unique expertise as a retail property management company specializing in county seat communities,” said Jeff Howell, senior vice president and chief investment officer. “We currently have a strong presence in the Midwest and Southeast and are excited to expand our footprint to the Western United States.”