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Recently, the retail real estate investment trust (REIT), Regency Centers Corporation (REG - Analyst Report), disclosed its plan to redevelop an Ore.-based premium shopping center – Greenway Town Center – with an estimated investment of $6 million. The redevelopment is slated to begin in August.

According to the redevelopment plan, Greenway Town Center will incorporate various changes – including the addition of a new exterior frontage with cedar wood accents, upgradation of architectural components and enhancement of the parking space – to boost its image. All retailers will remain open during the redevelopment process.

In a further attempt to enhance the shopping center’s value, Regency inked a deal with the world's leading supplier of natural food – Whole Foods Market (WFM - Analyst Report) – for 37,500 square feet of space. Notably, the proposed outlet at Greenway Town Center is expected to open in 2014.

Tigard-based, Greenway Town Center is situated in the northwest corner of SW Scholls Ferry Road and SW 121st Avenue. The shopping center, with a daily traffic of 37,000 and spanning 93,101 square feet, was bought by Regency in 2005. Greenway Town Center currently boasts several prominent tenants such as Dollar Tree, Inc. (DLTR), McMenamins Pub, Cold Stone Creameryand Rite Aid Corporation (RAD - Analyst Report). Apart from this, Regency owns 10 other centers of an aggregate 834,000 square feet in the Oregon market.

We view the proposed moves as a strategic venture by the company and expect it to drive occupancy and tenant sales per square foot. We expect these activities to provide Regency a considerable up-market potential and boost its top-line growth going forward.

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

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