Regency Buys Assets in California - Analyst Blog
August 23 2011 - 11:36AM
Zacks
Regency Centers Corporation (REG) recently
completed the acquisition of Oak Shade Town Center, a 103,762
square foot neighborhood shopping center in Davis, California for
$35.0 million.
Oak Shade Town Center is anchored by three major stores Safeway,
Rite Aid and OfficeMax. This transaction is expected to be
beneficial for Regency owing to the strong growth control
ordinances limiting future retail development in Davis city. The
proximity of the center to the University of California and the El
Macero Country Club is also a major advantage.
This acquisition is in line with Regency's strategy of acquiring
premier grocery-anchored centers. A constant feature of Regency's
centers is their market-dominant anchors and favorable
location.
Jacksonville, Florida-based Regency Centers is a
self-administered real estate investment trust (REIT), primarily
engaged in owning, operating, and developing grocery-anchored
retail shopping centers in the U.S.
With properties in high income, high-barrier markets, Regency’s
retail strip center portfolio is among the best in the sector and
allows it to continually perform at the top-end of its peer group.
The company’s dominant anchor tenants are grocery stores, a segment
that is comparatively less affected in a challenging economy.
Regency Centers currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
competitors, Developers Diversified Realty Corp.
(DDR) holds a Zacks #2 Rank, which implies a short-term Buy
rating.
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
REGENCY CTRS CP (REG): Free Stock Analysis Report
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