Regency Centers Corporation (REG - Analyst Report) 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 - Analyst Report)) also holds a Zacks #3 Rank.