Regency's Midwest Vice President of Development David Birdsall tells GlobeSt.com that Wal-Mart will develop a 182,000-sf Super Center on the site and Regency will develop periphery pads and an 18,000-sf strip center on the remainder. "By next spring it will be fully developed and open for business," says Birdsall.
Birdsall confirmed Regency's $12-million purchase price for the entire 37 acres but declined to say for how much it flipped the 24 acres to Wal-Mart. A clerk in the Kenton County property records division tells GlobeSt.com the transaction has not yet been recorded.
Birdsall says six out-lots are being marketed for sale and contracts on most of them are currently in negotiation. Prospective buyers include a mix of national restaurants, financial institutions and other retailers, according to Birdsall.
As of December 2002, Regency owned 262 retail properties totaling 29.5 million sf. At close of trading on Monday, the company's share price stood at $32.95, up $0.31 cents on the day and less than $0.60 cents off its 52-week high of $33.53 achieved on March 21, 2003.
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