In a notable development, Regency Centers Corporation REG, the Jacksonville, FL-based retail real estate investment trust (“REIT”) has collaborated with ArchCo Residential, Whitehall Realty Partners, and Bluerock Residential Growth REIT, Inc. BRG for the East San Marco development project in Jacksonville. Lakeland, FL-based super-market chain Publix will anchor the 4.33 acre mixed-use East San Marco development project, work on which is slated to start later this summer.
Partnerships with experienced residential players and Publix as the anchor will create an excellent platform to live, work, and play for the lively neighborhood of San Marco. Both ArchCo and Whitehall Realty will look after the overall development of the project and Whitehall Realty will continue in that role during the construction phase of the project. Once the construction phase is complete, ArchCo and Bluerock will be responsible for owning and managing the residential part of the project, whereas the retail part of the project will be owned and operated by Regency.
Notably, Regency leases space in its shopping centers to grocery stores, major retail anchors, restaurants, side-shop retailers and service providers. The company also engages in ground leasing or selling out-parcels to similar types of tenants. This latest move is an excellent arrangement between a retail REIT and other residential real estate players and is likely to provide excellent opportunities to a great neighborhood like San Marco.
Presently, Bluerock Residential Growth REIT sports a Zacks Rank #1 (Strong Buy) and Regency holds a Zacks Rank #2 (Buy)
Investors interested in the retail REIT industry may also consider stocks such as National Retail Properties, Inc. NNN and Realty Income Corporation O. Both these stocks hold the same Zacks Rank as Regency.
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