Regency Acquires Assets in Texas - Analyst Blog
October 04 2011 - 5:55AM
Zacks
Regency Centers Corporation (REG) recently
completed the acquisition of an 187,529 square foot neighborhood
shopping center named Tech Ridge Center in Austin, Texas.
Tech Ridge Center is the fourth grocery-anchored acquisition of
Regency Centers and is currently 93.0% occupied. The shopping
center provides significant growth potential and can be further
expanded an additional 30,000 square feet.
This acquisition is consistent with Regency's strategy of
acquiring premier grocery-anchored centers. A constant feature of
Regency's centers is their market-dominant anchors and favorable
locations.
Jacksonville, Florida-based Regency Centers is a
self-administered real estate investment trust (REIT), primarily
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 owns 31 properties in Texas, including three
centers in Austin totaling 677,000 square feet. As of June 30,
2011, the Company owned 367 retail properties, including those held
in co-investment partnerships.
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.
DDR CORP (DDR): Free Stock Analysis Report
REGENCY CTRS CP (REG): Free Stock Analysis Report
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