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Chain Store Age recently published an article describing the Northeast retail market and featured Regency's Fairfield portfolio. Below is an excerpt from the article quoting Joanna Rotonde, Senior Manager of Northeast Transactions.
The Northeast has a general reputation for being difficult: weather, traffic, meeting people. That reputation carries over to the regional retail estate market. But according to Joanna Rotonde, senior manager of Northeast transactions for Regency Centers, the reputation may be due for a change.
“The Northeast has always been a hard market to penetrate,” said Rotonde. “However, we have seen a noticeable uptick in transaction velocity during the last 18 to 24 months with a lot of activity. Many legacy owners and developers are considering their options and reviewing their holdings, which has resulted in opportunities for Regency due to our ability to offer creative and tax-advantaged structures, which accommodate their specific needs.”
Regency has 63 total properties in the Northeast, totaling more than 7.7 million sq. ft. This figure includes four properties in Connecticut; two in Washington, D.C.; two in Delaware; three in Massachusetts; 14 in Maryland, two in New Jersey; one in New York; 10 in Pennsylvania; and 25 in Virginia.
A good example of Regency’s acquisition activity in the Northeast in the past 12 months is a three-property portfolio in Fairfield, Connecticut, totaling 315,000 sq. ft.
“We negotiated and entered into a mutually beneficial partnership with previous owner Kleban Properties,” said Rotonde. “Together, we were able to structure and close a deal with terms that were win-win for both parties today, while simultaneously keeping an eye toward the future. The Fairfield properties offer a variety of retail categories, services and trendy restaurants that service the vibrant downtown market and provide a place where people want to come, shop, work and stay.”
To read the entire Chain Store Age article, please click here.
