Regency Centers Corporation (REG) recently completed the acquisition of a 212,000 square feet mixed-use property located in the Capitol Hill neighborhood of Seattle, WA. The move is in sync with the company’s strategy to enhance its portfolio by addition of premium grocery-anchored shopping centers and mixed-use properties. This expansion in the Broadway Market comes as a complement to the company’s Pacific Northwest portfolio.
Regency is a Jacksonville, FL-based retail real estate investment trust (“REIT”) engaged in the management, leasing, acquisition, development and brokerage of real estate properties consisting primarily of shopping centers and mixed-use properties. The acquired mixed-use property includes 111,000 square feet of retail space, along with 30 residential units and 230 stalls of subterranean parking.
Broadway Market had served the Capitol Hill market in the past, which, with time, has transformed into a plaza mall with a movie theater and residential space. Presently, this plaza and the associated small businesses have turned into the unofficial cultural hub of the Capitol Hill region. Further, Capitol Hill is the densest market in the state of Washington, with around nearly 28,000 residents per square mile. Given these advantages, the acquisition of this entire mixed-use property city block is expected to be accretive to Regency going forward.
Currently, Regency holds a Zacks Rank #2 (Buy).
Other top-ranked stocks in this space include The Macerich Company (MAC), CBL & Associates Properties Inc. (CBL) and Kimco Realty Corp. (KIM). All these stocks hold the same Zacks Rank as Regency.
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