LONG BEACH, Calif., Sept. 30, 2019 (GLOBE NEWSWIRE) -- Today, Regency Centers Corporation (“Regency” or the “Company”) (NASDAQ:REG), the preeminent national owner, operator, and developer of shopping centers, has announced the off-market acquisition of 120,000-square feet of premier retail located in the heart of Long Beach, CA known as Circle Marina Center. It is currently 95% leased and includes 33,000-square feet of a three-story office building and above-retail office.
Originally built in 1959, this property sits on the Pacific Coast Highway in a high density submarket in close proximity to three other Regency shopping centers, and has become the fifth property Regency owns in Long Beach. The surrounding demographics consist of a population of nearly 250,000 with an average home value of $952,000. In 2018, Long Beach was home to more than $5 billion in private/public development and over 60 projects are currently in development.
“There is a real opportunity for enhancement at Circle Marina Center,” said John Mehigan, Senior Vice President and Senior Market Officer for Regency Centers. “Circle Marina is surrounded by great demographics and a substantial amount of new development that has been occurring in the market over the last ten years. Our objective is to take full advantage of Circle Marina’s location and bring the best face forward for the future. Long Beach is a special city, we love doing business here, and look forward to building on our presence in this thriving city.”
Regency Centers is the owner and operator of Circle Center West, Marina Shores, Ralphs Circle Center, and Vons Circle Center.
About Regency Centers Corporation (NASDAQ: REG)
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to our neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit regencycenters.com.
Senior Vice President, Senior Market Officer
Source: Regency Centers Corporation