DDR Ddr Corp.

Regency Centers Corporation (REG) recently completed the acquisition of Rockridge Center, a 125,213 square foot neighborhood shopping center in Minneapolis anchored by Cub Foods for $20.5 million from private real estate development company Hempel Properties.

Rockridge Center is an important and valuable acquisition for Regency Centers as it is favorably located in a densely populated area with high disposable income. The presence of Cub Foods as the anchor further adds value to the center. Apart from this, the center also boasts a number of reputed retail stores.

The Rockridge acquisition follows the recent purchase of Calhoun Commons, a 66,150 square foot neighborhood center anchored by Whole Foods Market, in Minneapolis. With the acquisition of Rockridge Center, Regency’s Minneapolis portfolio includes five retail centers spanning 674,000 square feet.

Jacksonville, Florida-based Regency Centers is a self-administered real estate investment trust (REIT), engaged in owning, operating, and developing grocery-anchored retail shopping centers in the U.S.

With properties in high income, high-barrier markets, Regency’s retail strip center portfolio is among the best in the sector and allows it to continually perform at the top-end of its peer group. The company’s dominant anchor tenants are grocery stores, a segment that is comparatively less affected in a challenging economy.

Regency Centers currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Developers Diversified Realty Corp. (DDR) also holds a Zacks #3 Rank.

 
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