Regency Centers and Brand Street Properties Announce the JV Acquisition of Rhode Island Shopping Center

Regency Centers and Brand Street Properties have formed a joint venture to acquire East Greenwich Square, a 158,000-square-foot shopping center anchored by Dave’s Fresh Marketplace, Les Isle Rose, and Healthtrax.

Located adjacent to Interstate 95 and Route 4 with a total of 290,300 vehicles per day (VPD), the Center is strategically positioned to serve affluent East Greenwich shoppers and surrounding communities.

East Greenwich Square aligns perfectly with our investment strategy of owning dominant grocery-anchored neighborhood and community centers, and serves as the ideal asset to enter the Providence market, said Barry Argalas, Managing Director at Regency Centers. Anchored by Rhode Island-based Dave’s Fresh Marketplace, East Greenwich Square has been servicing the grocery and daily needs of the community for over 30 years.

This acquisition is indicative of our strategy of adding high-quality assets to the Brand Street portfolio that will outperform under the guidance of our hands-on operating platform. East Greenwich is a wonderful community that we are excited to become a part of,” said Paul Brandes, President of Brand Street Properties.

Key Tenants at East Greenwich Square:

• Dave’s Fresh Marketplace: Rhode Island’s largest independent grocery chain, Dave’s Fresh Marketplace, opened in 1969 and operates 10 locations statewide. The East Greenwich location is one of the most visited locations in their portfolio.
  
  
• Les Isle Rose: Serving as the gift division of Dave’s Fresh Marketplace, Les Isle Rose offers seasonal gift baskets, floral arrangements, home decor, and Rhode Island specialty products. This location also serves as Dave’s corporate headquarters, housing a bakery commissary, maintenance facility, and warehousing operations to support all Rhode Island locations.
  
  
• Healthtrax: Established in 1979, Healthtrax provides comprehensive fitness and wellness services, including training, physical therapy, and aquatics. With 17 locations across six states, Healthtrax specializes in corporate wellness solutions and partners with over 300 companies.