Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, will begin construction of East Washington Place, a 378,000-square-foot community center anchored by Target. Located 39 miles north of San Francisco in Petaluma, Calif., this new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000. Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.
East Washington Place will fill a retail gap in the Petaluma market which is currently underserved by major retailers. The center will include a 138,324-square-foot Target along with 121,000 square feet of anchor space and 118,676 square feet for junior anchors, small shops and office space. Construction will commence this week with the center opening slated for Summer 2013.
“East Washington Place has all the key attributes that define a Regency center – market-dominant anchor, a prime infill location and superior demographics,” explained Ryan Nickelson, Vice President of Investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”
To lease space, contact Leasing Agent Jenny Smith at 925.279.1885.
In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.
Regency Centers owns and/or manages 71 properties in California totaling 9 million square feet.
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of Dec. 31, 2011, the Company owned 364 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.5 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 205 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.
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