Last week, Regency Centers announced the acquisition of Island Village Shopping Center in Washington state. Specifically located on Bainbridge Island, this 106,000-square foot center benefits from a commanding location and sits as the only grocery and drug store-anchored center in the community.
Regency Centers are true experts on grocery-anchored retail, as well as proven long-term holders who genuinely care about the communities they operate in,” said Patrick Callahan, URG Founder and Chief Executive Officer. “As a long-term resident of Bainbridge Island and CEO of Urban Renaissance Group, I am confident that this acquisition is great fit for the center’s retailers as well as our Island’s residents.
Island Village is currently 98% leased and sits within a community that is protected by high barriers to entry, both from a development and geographical standpoint. Because of this, it is expected to retain its position as the sole provider of essential services to this community for the foreseeable future. Access to and from the island is facilitated by the Seattle-Bainbridge Island ferry, which is currently the most frequently used ferry within the Washington State Ferries fleet. Trade area populations and household bases are currently growing at a rate that outpaces the surrounding markets, and are projected to continue doing so for some time. The island is a constant residential draw that is bolstered by a vibrant tourism economy.