Jacksonville based Regency Centers Corp. just announced a deal to acquire another major shopping center owner, Equity One, Inc. Regency currently owns 307 properties across the country, and the acquisition/merger with Equity One (122 properties) will result in a combined company with 429 properties across the US, with a total market value of $15.6 Billion. The deal is expected to take place in the first to second quarter of 2017. The company will retain the Regency Centers name and the headquarters will remain in Jacksonville. The merger will be done through an exchange of stock.
Owner Equity One announced that Pablo Plaza shopping center in JAX Beach will get an $18M makeover and add JAX’ second Whole Foods, along with a new PetSmart to join the existing Marshalls and Home Goods. Office Depot is in space which they sublease from Publix which exited in 1995. Sources suggest Office Depot would likely give up (or take a buyout) early before ite expires in late 2018. (The office supply stores continue to go through significant consolidation with Office Depot/OfficeMax now merged and that new conglomerate under agreement to buy the Staples chain, subject to a pending/expected FTC government approval. There is an Staples just to the south of the Pablo Plaza location in another Equity One center, and an OfficeMax on Beach Blvd at Hodges). Mark Basch with The JAX Daily Record has the article on the Pablo Plaza renovation.
Slate Properties bought the Publix-anchored center from Equity One at about $93/SF, according to Karen Brune Mathis of The JaxDailyRecord.