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Regency Announces New Ground-Up Development Mellody Farm

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Regency Centers Corporation (REG - Free Report) announced a new mixed-use ground-up development – Mellody Farm –in Vernon Hills, IL. This is an excellent addition to the Jacksonville, FL-based retail real estate investment trust’s (REIT) grocery-anchored community and neighborhood centers portfolio.

Anticipated to open in late 2018, the project will include around 270,000 square feet of exquisite retail space, being anchored by Whole Foods Market, Nordstrom Rack, REI and other local and regional restaurants and merchants. The project, comprising 260 luxury apartments, will be developed and owned by Focus Development and Atlantic Realty Partners.

Mellody Farm is strategically located at the busy intersections in Lake County, IL. The center is likely to be a dominant retail destination for the well-off and educated residential markets. Mellody Farm is set to transform the retail experience of the surrounding area.
 
Shares of Regency outperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last three months. While the company’s shares declined 1.6%, the industry lost 2.5%. Its estimates for first quarter and full-year 2017 FFO per share remained unchanged in the last 30 days.  


Currently, Regency carries a Zacks Rank #3 (Hold).

Investors interested in the REIT space, may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.

In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 remained unchanged at $1.07.

CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 1.8% to $1.14, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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