Regency Centers JV Enters Providence Market
The partners paid north of $46 million for this asset.
The joint venture between Regency Centers Corp. and Brand Street Properties has entered the Providence, R.I., market with the purchase of East Greenwich Square, a 158,709-square-foot grocery-anchored shopping center in East Greenwich, R.I.
EDENS sold the asset for $46.7 million and Hartford Investment Management Co. provided a $26 million acquisition loan, according to public records. JLL represented the seller and procured the buyer.
East Greenwich Square came online in 1990 on some 20 acres. Dave’s Fresh Marketplace, Le’s Isle Rose and Healthtrax anchor the property that was 97 percent leased at the time of sale. The tenant roster also includes retailers such as The Savory Grape, Crumbl, Bank Newport, Club Pilates and McDonald’s, among others.
READ ALSO: Retail Owners Gain Leverage
Located at 1000 Division St., East Greenwich Square is near Route 2 and Interstate 95, which provide easy access to downtown Providence, R.I. The retail center serves around 113,000 individuals within a 5-mile radius, with the average household income of $212,000, according to JLL.
Providence has started to recover gradually after the retail disruption brought by the pandemic. The retail vacancy rate reached approximately 6.3 percent as of June, while the average rent stabilized at around $17 per square foot, according to a recent Integra Realty Resources report.
JLL Senior Managing Director Chris Angelone, Managing Director Bill Moylan and Director Zach Nitsche, assisted by Vice President Jessica Dowd and Analyst Sam Wiesman, led the Investment and Sales Advisory team that brokered the transaction.
Owner and developer of shopping centers
One of the largest retail operators in the U.S., Regency currently has a portfolio totaling more than 61 million square feet. The firm is also a developer of shopping centers, focusing on suburban areas with strong demographics.
The company recently started construction on Oakley Shops at Laurel Fields, a Safeway-anchored ground-up project in Oakley, Calif. This development marks Regency’s first foray in the Northern California market.
Regency is also developing a 154,000-square-foot shopping center in Cheshire, Conn., on a 17.4-acre parcel the firm recently acquired within a 107-acre master-planned community. Delivery is expected next year.
You must be logged in to post a comment.