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.
The long awaited East San Marco project appears to be back on schedule- with construction set to begin late this summer. The project, which was first announced back in 2002, is estimated to cost about $60MM. It will feature 239 apartment units stacked on top of 46,000 SF of retail space. Publix will anchor the retail component, taking about 32,500 SF. The 4.33 acre property is located at the intersection of Atlantic Boulevard and Hendricks Avenue, in the heart of San Marco Square shopping and entertainment district. A JV between ArchCo (Atlanta based) and Bluerock (NY based) will buy the property from Regency Centers this summer, and then develop the property. Regency Centers will then purchase the retail component of the development and handle the commercial leasing and management of the project.