"We're excited," Leonard tells GSR, explaining that the site is not only in a high-growth residential area, but also one undersupplied for retail. A national general merchandiser and a home improvement superstore have already signed on for the property, he says, and upwards of 400,000-sf is being actively entertained by prospective tenants. "The response has been very favorable," reports Leonard, adding that the completed deals will be unveiled shortly in a formal announcement.

Based in Jacksonville, FL, Regency is not masking its interest in Las Vegas, with the grocery anchored retail REIT making inroads through both acquisitions and development. In January, Regency bought Centennial Crossroads for $23 million. The fully leased property is anchored by a Von's and Target Greatland. Regency paid a 6.2% cap rate for that property just a few months after completion of a new center in the Las Vegas suburb of Henderson. That complex, the Anthem Highlands Shopping Center, has an Albertsons supermarket, CVS Pharmacy and Bank of America.

"Vegas is a hot market for us," says Leonard, speaking from there via phone while attending this week's International Council of Shopping Centers spring convention. Although conventioneers and tourists might not frequent neighborhood shopping centers, Leonard says Regency anticipates substantial demand from those who continue to flock to the city to live. Unemployment is extremely low, he says, and the economy is resilient due to its 24-hour structure and healthy industries, such as technology and the hospitality sector.