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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ddr Corp. | NYSE:DDR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.99 | 0.00 | 01:00:00 |
Regency Centers Corporation (REG) recently completed the acquisition of Lake Grove Commons, in New York with its co-investment partner First Washington Realty, Inc for $72.5 million. The 141,382 square foot property is located in Long Island.
Lake Grove Commons is a Class A property strategically located at the intersection of New Moriches Road and US 347 with superior visibility owing to its proximity to the super-regional shopping center Smith Haven Mall.
With this transaction, Regency marked its entry into one of the top retail markets of the country. Based on its infill location, market-dominant anchors and affluent consumer base, Lake Grove Commons is expected to enhance the quality of Regency’s portfolio.
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. As of September 30, 2011, the company owned 367 retail properties, including those held in co-investment partnerships.
With properties in high income, high-barrier-to-entry 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 even in a challenging economy. Consequently, Regency has a relatively steady source of revenue.
Regency Centers currently retains a Zacks #5 Rank, which translates into a short-term Strong Sell 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 #3 Rank, which implies a short-term Hold rating.
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