Regency Properties Adds to Portfolio
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Regency Properties has acquired a shopping center in North Carolina. The company says the deal for Lumberton Towne Centre expands its footprint to 10 states. April 8, 2014
News Release
EVANSVILLE, Ind. (March 14, 2014) – Regency Properties, a regional commercial real estate company specializing in county seat communities, has acquired Lumberton Towne Centre located on Fayetteville Road in Lumberton, N.C. The 122,000 square foot shopping center anchored by Lowes Food and Burkes Outlet is located in the major retail district for the city.
Lumberton is the seat of Robeson County, which is located in the 11-county region likely to be positively impacted by the expansion of Fort Bragg. The county has been the beneficiary a growing economy with the recent announcement of a new distribution facility and the expansion of an existing manufacturing business.
Lumberton Towne Centre is Regency's first property acquisition in North Carolina, whose footprint now extends to ten states. Over the past 24 months, Regency has acquired five other retail centers located in county seat communities in the Southeast, including properties in the nearby states of Virginia, West Virginia and Kentucky.
“We are excited to expand our geographic footprint to Lumberton, North Carolina,” remarked Regency CEO Kevin Hammett, “Regency's proven track record of tenant satisfaction and investment in county seat properties creates a great opportunity for the tenants of Towne Centre and for Regency in Lumberton.”
A prime example of Regency's commitment to tenant satisfaction is reflected in the company's National Commercial Real Estate Customer Service Award for Excellence, a designation won two out of the past three years. Recognized by industry analyst CEL & Associates, Regency remains the first and only retail-focused commercial real estate company in its peer group to earn CEL's top award.
About Regency Properties
Founded in 1949, Regency Properties specializes in acquiring, upgrading and managing shopping centers in small and mid-sized communities. Regency owns over 2.5 million square feet of retail shopping center space.
Source: Regency Commercial Associates LLC