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Regency Centers Corporation (REG - Analyst Report), a real estate investment trust (REIT), has recently announced the commencement of work in South Bay Village – a development project in the Los Angeles market. Spanning 109,293 square feet of retail space, the neighborhood shopping center is strategically located within the primary retail corridor of South Bay on Hawthorne Boulevard – a major Southern California thoroughfare.

South Bay Villagewould host a retail outlet of Orchard Supply Hardware – a California-based "Do-It-Yourself" home and garden retailer, totaling 49,687 square feet of space, and a 25,109-square-foot retrial outlet of HomeGoods – a chain of home furnishing stores operated by The TJX Companies Inc. (TJX - Analyst Report).

The existing building would be refurbished with a new exterior façade, upgraded architectural components, new signage, lighting and parking lot improvements in accordance with the requirements of the new anchor-tenants. The new retail outlets are slated to open in September 2012.

Jacksonville, Florida-based Regency owns, operates, and develops grocery-anchored retail shopping centers in the U.S. The average household income in the markets in which Regency has a significant presence is over $100,000. As of December 31, 2011, the company owned or had interests in 364 retail properties, including properties held in joint venture, spanning 49.5 million square feet.

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.

We maintain our long-term Neutral recommendation on Regency, which currently has a Zacks #3 Rank that translates into a short-term Hold rating.

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