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Evansville-based Regency Properties has acquired Town Fair shopping center in Princeton for $3.5 million. Regency says it plans to renovate and expand the center in hopes of attracting new tenants and shoppers.
October 17, 2014
Evansville, Ind. -- Regency Properties, a commercial real estate company specializing in county seat communities, has acquired Town Fair shopping center located in Princeton, Ind. Town Fair is anchored by Showplace Cinema 8 and Goody’s. The 121,000-square-foot center is the dominant shopping center in Gibson County and features stoplight access, across from a Wal-Mart Supercenter. Located at 2691 West Broadway Street in Princeton, the center is just 33 miles from Regency's headquarters in Evansville.
Following the acquisition, Regency will renovate the shopping center and open up three additional lease spaces to attract new tenants to the center. The acquisition also includes land adjacent to the center, which will allow Regency to expand the shopping center to accommodate retail need and attract new shopping opportunities for residents of Princeton and neighboring market areas.
Regency has an extensive record of working closely with existing tenants to strengthen its properties through upgrades and attracting additional retail tenants. The company won the National Commercial Real Estate Customer Service Award for Excellence an unprecedented two out of the past three years. The top award is determined each year by industry analyst CEL & Associates based on satisfaction surveys of thousands of tenants of management companies across the United States.
"We are very excited to welcome Regency Properties to Princeton as the new owners of Town Fair," said Robert J. Hurst, mayor of Princeton, "Regency has an impressive record working with county seat communities, like ours, to attract new retail opportunities and improve the shopping experience."
Since 2010, Regency has acquired several properties each year in county seat communities in the Southeast and Midwest. Town Fair is the third property acquired by Regency in 2014, joining Lumberton Towne Centre (Lumberton, N.C.) and Smyth Valley Crossing (Marion, Va.).
"The close proximity to our headquarters in Evansville and the viability of Princeton, Indiana and the surrounding communities makes Town Fair an exciting opportunity for Regency Properties," remarked Regency CEO Kevin Hammett, "Regency Properties is eager to leverage its expertise specializing in county seat communities to bring additional shopping opportunities to the city of Princeton."
About Regency Properties
Founded in 1949, Regency Properties specializes in acquiring, renovating and managing shopping centers in small and mid-sized communities. Regency owns over 2.8 million square feet of retail shopping center space in ten states.
Source: Regency Properties