the retail real estate investment trust (REIT),
Regency Centers Corporation
), disclosed its plan to redevelop an Ore.-based premium shopping
center - Greenway Town Center - with an estimated investment of
$6 million. The redevelopment is slated to begin in August.
According to the redevelopment plan, Greenway Town Center will
incorporate various changes - including the addition of a new
exterior frontage with cedar wood accents, upgradation of
architectural components and enhancement of the parking space -
to boost its image. All retailers will remain open during the
In a further attempt to enhance the shopping center's value,
Regency inked a deal with the world's leading supplier of natural
Whole Foods Market
) - for 37,500 square feet of space. Notably, the proposed outlet
at Greenway Town Center is expected to open in 2014.
Tigard-based, Greenway Town Center is situated in the
northwest corner of SW Scholls Ferry Road and SW 121
Avenue. The shopping center, with a daily traffic of 37,000 and
spanning 93,101 square feet, was bought by Regency in 2005.
Greenway Town Center currently boasts several prominent tenants
Dollar Tree, Inc.
), McMenamins Pub, Cold Stone Creameryand
Rite Aid Corporation
). Apart from this, Regency owns 10 other centers of an aggregate
834,000 square feet in the Oregon market.
We view the proposed moves as a strategic venture by the
company and expect it to drive occupancy and tenant sales per
square foot. We expect these activities to provide Regency a
considerable up-market potential and boost its top-line growth
Regency currently carries a Zacks Rank #3 (Hold).
RITE AID CORP (RAD): Free Stock Analysis
REGENCY CTRS CP (REG): Free Stock Analysis
WHOLE FOODS MKT (WFM): Free Stock Analysis
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