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Regency Moves Ahead on 700,000-SF Center

NORTH LAS VEGAS, NV-The Florida-based real estate investment trust is targeting Nevada retail on two fronts.

By Joe Clements | Updated on May 22, 2007

NORTH LAS VEGAS, NV-Uniting its active development platform and an appetite for southwestern retail, Regency Centers Corp. has acquired 65 acres where a 700,000-sf shopping plaza will be constructed. The first phase of Deer Spring Town Center will open in 2008, according to Regency VP Michael Leonard, and will be fully operational in 2009.

“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.

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