Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction of South Bay Village, a 109,293-square-foot neighborhood center anchored by Orchard Supply Hardware and HomeGoods. Located 19 miles south of downtown Los Angeles, the retail center is strategically positioned within the primary retail corridor of South Bay on Hawthorne Boulevard with daily traffic counts of 78,000. Scheduled anchor openings begin in September 2012.
Built on the site of a former Kmart, South Bay Village will include a 49,687-square-foot Orchard Supply Hardware, 25,109-square-foot HomeGoods, a future 30,000-square-foot anchor and one outparcel. The existing building will be renovated and expanded with a new exterior façade, upgraded architectural components, new signage, lighting and parking lot improvements.
"We have received strong national retailer interest in South Bay Village due to its infill location among 242,000 people with average household incomes exceeding $90,000 within a three-mile radius," said John Mehigan, Regency Centers Vice President of Investments. "Regency saw the potential of this site back in 2004 when it funded a property loan with an option to purchase, which Regency exercised in January 2012. South Bay Village illustrates Regency's foresight, perseverance, financial strength and resources to make investments that result in long-term value creation."
The center design was created by Architects Orange in Orange, Calif., and construction is being handled by Moorefield Construction, Inc. in Sacramento, Calif. The center is located at 19330 Hawthorne Blvd. in Torrance, Calif. To lease space, contact Leasing Agent Aaron Keswick at 213.553.2252.
Regency Centers owns and manages 19 properties in the Los Angeles market totaling 2.4 million square feet.
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of Dec. 31, 2011, the Company owned 364 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.5 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 205 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Contacts:
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
bhayflick@thehoffmanagency.com
or
Regency
Centers
John Mehigan, 213-553-2273
Vice President Investments
johnmehigan@regencycenters.com
