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In an effort to strengthen its portfolio, Regency Centers Corporation (REG - Analyst Report) disclosed the purchase of Preston Oaks in Dallas. The acquisition will help augment Regency’s portfolio with a property in an infill location with high occupancy levels and strong tenant sales.

Spanning 103,503-square-foot, this neighborhood center was redeveloped in 1991 and anchored by H-E-B Central Market. In addition, it houses several well known national and regional retailers including The Gap Inc. (GPS - Analyst Report), Pier 1 Imports Inc. (PIR - Snapshot Report) and White House Black Market.

It is a premium property located in an affluent region, which is thickly populated and possesses high barriers to entry. In addition, it can enjoy the footfall of 109,000 people living nearby (within three miles), with an average household income of $144,000. Besides Preston Oaks, Regency Centers owns 11 centers, aggregating 809,000 square feet in the Dallas market.

As a matter of fact, Regency is actively spreading its footprint in high-income and high-barrier markets through the addition of upscale assets. Moreover, during the first quarter of 2013, Regency and its co-investment partner – Charter Hall Retail REIT – dissolved the residual co-investment partnership. Following this, Regency gained full ownership interest in Hilltop Village (a 100,030 square foot center in Denver, Colo.) that is occupied by King Soopers of The Kroger Co. (KR - Analyst Report)

The inclusion of premium development and redevelopment projects as well as leading national retailers as tenants is noteworthy. We expect these activities to provide Regency a considerable up-market potential and boost its top-line growth going forward.

Regency currently holds a Zacks Rank #3 (Hold).
 

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