REGENCY CENTERS CO. 
By Regency Centers (www.regencycenters.com) (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of its first New York property, the 141,382-square-foot Lake Grove Commons, for $72.5 million with its co-investment partner First Washington Realty, Inc.
Regency Centers Acquires First New York Property. Lake Grove Commons, on Long Island, NY, purchased for $72.5 Million (Photo: Business Wire)
Located on Long Island, Lake Grove Commons is a Class A property anchored by the only Whole Foods Market in Suffolk County along with LA Fitness and PETCO. Built in 2008, the center is fully leased to six national tenants. Strategically located at the intersection of New Moriches Road and US 347 with 55,000 vehicles daily, the center has superior visibility across from super-regional shopping center Smith Haven Mall. Lake Grove Commons is surrounded by 228,000 people with an average household income of $114,000 within a five-mile radius.
"As the newest center in a fully developed market with high barriers to entry, Lake Grove Commons provides a strong foundation to expand Regency's presence into one of the top retail markets in the country," explained Scott Porter, senior manager of acquisitions for Regency Centers. "With an infill location, market-dominant anchors and affluent consumer base, Lake Grove Commons complements Regency's premier portfolio and will allow us to pursue assets with similar qualities in the Greater New York area."
Lake Grove Commons is the fifth grocery-anchored center acquisition for Regency within the past twelve months. While Lake Grove Commons is Regency's first asset in New York state, the company also owns the 103,891-square-foot Plaza Square anchored by ShopRite in Wayne, New Jersey, considered part of the New York CBSA. For leasing information, contact David Sherin at 610.747.1212.
Jeffrey Dunne and David Gavin with CBRE represented the seller Lake Grove Enterprises, LLC.
About Regency Centers Corporation (NYSE: REG)
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of September 30, 2011, the Company owned 367 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.8 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.
About First Washington Realty, Inc.
First Washington is a private real estate investment, advisory and management company specializing in the operation and ownership of neighborhood and community shopping centers throughout the United States. First Washington currently has interests in 92 shopping centers totaling approximately 12.1 million square feet located in 21 states. Additional information about First Washington may be found at www.firstwash.com.
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The Hoffman Agency
Bonnie Hayflick, 904-398-9663
bhayflick@thehoffmanagency.com
or
Regency
Centers
Scott Porter, 904-598-7638
Senior Manager, Acquisitions
scottporter@regencycenters.com
