PETALUMA, CA.--(BUSINESS WIRE)-- Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, will begin construction of East Washington Place (top left rendering), a 378,000-square-foot community center anchored by Target. Located 39 miles north of San Francisco in Petaluma, Calif., this new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000.
Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.
East Washington Place will fill a retail gap in the Petaluma market which is currently underserved by major retailers. The center will include a 138,324-square-foot Target along with 121,000 square feet of anchor space and 118,676 square feet for junior anchors, small shops and office space. Construction will commence this week with the center opening slated for Summer 2013.
“East Washington Place has all the key attributes that define a Regency center – market-dominant anchor, a prime infill location and superior demographics,” explained Ryan Nickelson, Vice President of Investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”
To lease space, contact Leasing Agent Jenny Smith at 925.279.1885.
In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.
Regency Centers owns and/or manages 71 properties in California totaling 9 million square feet.
Contact:
The Hoffman Agency
Bonnie Hayflick, 904-398-9663
or
Regency Centers
Ryan Nickelson, 925-279-1865
Vice President, Investments
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