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MINNEAPOLIS-Fresh from buying the two shopping centers from First Washington, Regency Centers Corp. has selected Madison Marquette to manage and lease Rockford Road Plaza in Plymouth and Colonial Square in Wayzata.
Both properties were recently purchased by Jacksonville, FL-based Regency Centers Corp. as part of a larger $2.7-billion retail portfolio deal it made with First Washington.Rockford Road Plaza is a 208,000-sf retail center featuring TJ Maxx, PetsMart, Rainbow grocery store, Homegoods and Famous Footwear. Colonial Square is a 93,000-sf shopping center featuring Lunds grocery store, Sports Hut and Juut Salonspa.
"There is some potential for a small expansion at Rockford Road, but no repositioning is planned," says Craig Estrem, chief operating officer of Madison Marquette. "We have to determine if there are any opportunities for change at Colonial, which can increase the income/value of the property."
First Washington purchased Colonial about a year after it had hired Madison Marquette for Rockford. First Washington considered hiring Madison Marquette to manage and lease Colonial as well, but it had a conflict with the potential development of Wayzata Bay Center, Estrem says. First Washington hired Suntide, who Madison Marquette is now replacing. Madison Marquette is an affiliate of international investment firm Capital Guidance Corp. and oversees more than 30 million sf retail space in the US.
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