Regency Centers Acquires Circle Marina Center in Long Beach, California
September 30 2019 - 9:00AM
Today, Regency Centers Corporation (“Regency” or the “Company”)
(NASDAQ:REG), the preeminent national owner, operator, and
developer of shopping centers, has announced the off-market
acquisition of 120,000-square feet of premier retail located in the
heart of Long Beach, CA known as Circle Marina Center. It is
currently 95% leased and includes 33,000-square feet of a
three-story office building and above-retail office.
Originally built in 1959, this property sits on the Pacific
Coast Highway in a high density submarket in close proximity to
three other Regency shopping centers, and has become the fifth
property Regency owns in Long Beach. The surrounding demographics
consist of a population of nearly 250,000 with an average home
value of $952,000. In 2018, Long Beach was home to more than $5
billion in private/public development and over 60 projects are
currently in development.
“There is a real opportunity for enhancement at Circle Marina
Center,” said John Mehigan, Senior Vice President and Senior Market
Officer for Regency Centers. “Circle Marina is surrounded by great
demographics and a substantial amount of new development that has
been occurring in the market over the last ten years. Our objective
is to take full advantage of Circle Marina’s location and bring the
best face forward for the future. Long Beach is a special city, we
love doing business here, and look forward to building on our
presence in this thriving city.”
Regency Centers is the owner and operator of Circle Center West,
Marina Shores, Ralphs Circle Center, and Vons Circle Center.
About Regency Centers
Corporation (NASDAQ: REG)
Regency Centers is the preeminent national
owner, operator, and developer of shopping centers located in
affluent and densely populated trade areas. Our portfolio includes
thriving properties merchandised with highly productive grocers,
restaurants, service providers, and best-in-class retailers that
connect to our neighborhoods, communities, and customers. Operating
as a fully integrated real estate company, Regency
Centers is a qualified real estate investment trust (REIT)
that is self-administered, self-managed, and
an S&P 500 Index member. For more information, please
visit regencycenters.com.
John MehiganSenior Vice President, Senior Market
Officer213-553-2273JohnMehigan@RegencyCenters.com
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