As part of the efforts to enhance its presence in the Boston
Regency Centers Corp.
) acquired Fellsway Plaza in Medford, Mass. in a joint venture
(JV) with Charter Realty & Development Corp. The property was
purchased from Berenson Associates of Boston and financed by the
PNC Bank of
The PNC Financial Services Group, Inc.
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Spanning 150,000-square-foot, this neighborhood center is
anchored by Stop & Shop, which has repeatedly delivered
decent performances, compared to the other grocers in that
Regency aims at reviving the tenant mix and plans to undertake a
redevelopment program for this property. It is scheduled to
commence in the spring of 2014. Notably, on behalf of the JV, the
development, property management and leasing activities will be
performed by Charter.
Based in the gateway retail location for consumers moving south
on the Fellsway en route for Boston, this above mentioned
property buyout is a strategic fit for Regency. Going forward, we
believe such strategic acquisitions and the inclusion of premium
development and redevelopment projects will boost Regency's
portfolio in infill locations with high occupancy levels and
strong tenant sales and offer adequate opportunities for top-line
growth going forward.
As a matter of fact, Regency's portfolio of shopping centers,
located in high-income, high-barrier markets, is among the best
in the sector. Moreover, with a focus on best-in-class retailers
Whole Foods Market, Inc.
The Kroger Co.
), the portfolio drives value and mitigates operating risks.
This retail real estate investment trust now carries a Zacks Rank