Regency Centers Corporation
) disclosed the redevelopment of a community center - Kings Park
Shopping Center - based in Burke, VA. The move is aimed at
expanding the center and enhancing customers' shopping
As per the refurbishment plan, Regency will expand the store of
Giant at the shopping center from 28,161 square feet to 52,000
square feet. Hence, for that purpose Giant will shut down its
existing store at the property on June 19. Along with this
structural expansion, Regency has plans to revamp the façade and
common areas of Kings Park shopping center. The company anticipates
the re-opening of Giant store and refurbishment of the shopping
center to complete by spring next year.
The Kings Park Shopping Center, positioned at 8970 Burke Lake
Road, is a popular local spot for the Burke residents and commuters
from the surrounding neighborhoods. The asset, which is now fully
leased, boasts nationally recognized tenants cluster, including
CVS Caremark Corporation
We expect this strategic expansive redevelopment of Kings Park
Shopping Center to drive occupancy and boost traffic. Notably,
Regency has been focusing on improving the quality of its
properties in recent times to draw in shoppers.
Last month, the company disclosed the completion of the
redevelopment of OR -based Greenway Town Center and addition of
Whole Foods Market, Inc.
) as the only grocer tenant there (read:
Regency Revitalizes Oregon Center, Ushers WFM
). These initiatives bode well for the long-term growth of this
retail real estate investment trust (REIT).
Regency has scheduled its second-quarter 2014 earnings
announcement on Aug 6, after the closing bell. The Zacks Consensus
Estimate for FFO per share for the same is presently pegged at 67
Currently, the company carries a Zacks Rank #3 (Hold).
Note: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
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