Regency Centers (www.regencycenters.com) (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, announces the opening of three newly developed grocery-anchored centers totaling 263,000 square feet – Market at Colonnade in Raleigh, NC, Harris Crossing in Wake Forest, NC and NorthGate Village in Greeley, CO. The three properties combined represent an investment of $41 million.
Market at Colonnade is a 57,503 square foot neighborhood center anchored by a 40,000 square foot Whole Foods Market and includes 17,503 square feet of additional retail space. The center was developed in the heart of north Raleigh and serves some of the most affluent neighborhoods in the Triangle. The infill development is the result of a high-profile rezoning that garnered support of more than 2,400 area residents through an online petition. The center’s anchor, Whole Foods Market, opened March 16.
According to Brian Smith, Regency Centers President and Chief Operating Officer, “Colonnade is representative of the kind of development you will see from Regency going forward. The center is anchored by a dominant grocer with limited small shop space. There is more demand from retailers than there is space, and therefore the center will open with commitments for 90% of the leasable space.”
In keeping with Regency’s greengenuity program, Market at Colonnade sets a new standard for environmentally responsible development as 1) the first retail project in the Triangle designed and constructed to meet the LEED Core and Shell standards established by the USGBC for certification, and 2) partnered with the City of Raleigh and NC State University on an innovative storm water management system recognized by the North Carolina Clean Water Management Trust Fund.
Additionally, Whole Foods Market designed and constructed their store interior to meet the USGBC certification for LEED v2.0 Commercial Interiors, and partnered with the National Renewable Energy Laboratory (NREL) as part of the U.S. Department of Energy's Commercial Building Partnerships, an effort to dramatically reduce energy use in both new construction and existing commercial buildings using cost-effective strategies.
Just 16 miles northeast of Market at Colonnade, Harris Crossing, a 65,150 square foot neighborhood center, is anchored by the region’s leading grocer Harris Teeter. The 53,282 square foot store opened February 23 and is located at the intersection of US 1 and Harris Road in Wake Forest, NC. The center includes 12,000 square feet of small shop space in Phase One, plus three outparcels.
NorthGate Village is a 139,912 square foot neighborhood center, anchored by a 120,536 square foot King Soopers. This location is the first Marketplace super center for the grocer and the largest King Soopers in the state, employing 250 people. In addition, the center includes 19,000 square feet of retail space and five outparcels. NorthGate Village opened February 23 and is located at the intersection of 71st Avenue and 10th Street in Greeley, CO.
These three centers are part of Regency’s 29 in-process projects located in 13 states nationwide. “The development climate is advantageous with lower construction and land costs and increased retailer interest,” explained Smith. “Some owners are currently handicapped by a heavy debt load, lack of equity, depressed property values or inability to secure construction loans. This opens up an opportunity for Regency Centers which is not dependent upon outside financing and has a full-service development team already in place.” Regency expects to develop $600-700 million in developments over the next five years.
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of December 31, 2010, the Company owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 202 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.