In a notable development, Regency Centers Corporation REG announced that it has closed the land for developing Phase II of the CityLine Market in Richardson, TX. Phase II, which is already fully leased, will feature the 12,900-square foot CVS Pharmacy, as well as a line up of new restaurants covering an area of 9,000 square feet. The development of Phase II, apart from adding to the appeal of the CityLine Market, is also expected to be accretive for the Jacksonville, FL-based retail real estate investment trust (“REIT”) going forward.
Regency’s portfolio mainly constitutes of grocery-anchored community and neighborhood centers. The REIT leases space in its shopping centers to grocery stores, major retail anchors, restaurants, side-shop retailers and service providers.
Phase II, which offers a unique blend of life, work and entertainment, aims to create value for the Richardson community. The restaurants set to join the market, namely, Super Chix, Pho is for Lovers and Piada Italian Street Food, will offer exquisite culinary varieties to the community.
We believe that development of Phase II of the CityLine Market in Richardson, TX, will attract huge traffic, thereby aiding Regency’s prospects in the near term.
Regency currently carries a Zacks Rank #2 (Buy).
Investors interested in the retail REIT industry may consider stocks like Agree Realty Corp. ADC, American Assets Trust, Inc. AAT and CBL & Associates Properties Inc. CBL. All three stocks hold the same Zacks Rank as Regency.
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