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March 23, 2010
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Regency Centers Corporation (REG), a leading operator and developer of grocery-anchored and community shopping centers across the U.S., recently purchased Providence Commons Shopping Center, a 191,301 square feet retail center in south Charlotte, for an undisclosed amount.
Providence Commons is strategically located in Charlotte's rapidly growing southeast sector, and enjoys excellent consumer visibility from multiple viewpoints. The property offers a full range of shopping, dining and service options, and is anchored by leading companies such as Lowe's Companies Inc. (LOW) and Harris Teeter, a wholly owned grocery chain of Ruddick Corp. (RDK). With the deal, Regency currently owns three retail properties in Charlotte market.
Regency seeks to own assets in high-income in-fill markets that are tenanted by market-dominant grocers, category-leading anchors, specialty retailers and restaurants. The average household income in the markets where the company has a significant presence is over $90,000, nearly 30% higher than the national average. As of December 31, 2009, Regency owned 400 retail properties, including properties held in joint ventures, spanning 53.0 million square feet.
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