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| Shoppes of Burnt Mills, Silver Spring, MD |
SILVER SPRING, Md.--(BUSINESS WIRE)-- Regency Centers
Corporation (NYSE:REG), a national owner, operator and developer of
grocery-anchored and community shopping centers, closed on the off-market
acquisition of Shoppes of Burnt Mills, a 31,316-square-foot neighborhood
center in Silver Spring, Md., for a gross purchase price of $13.6 million.
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| Devin Corini |
Built in 2004, Shoppes of Burnt Mills is anchored by a
9,306-square-foot Trader Joe’s, alongside top-performing D.C. locations for
national retailers such as Starbucks, Chico’s and AT&T.
The center benefits from strong visibility and accessibility
with more than 62,000 vehicles traveling daily on Route 29, a major north-south
thoroughfare linking D.C. Metro to Baltimore.
Shoppes of Burnt Mills is surrounded by a three-mile
population of 166,782, nearly one million square feet of office, medical, flex
and industrial space and a daytime population of 145,716. The average household
income for the three-mile radius approaches $100,000.
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| Brian Greene |
“The infill location, strong demographics, synergistic
merchandising with strong retailer sales and a vibrant anchor make Shoppes of
Burnt Mills a great addition to our expanding portfolio in the D.C. market,”
said Devin Corini, vice president of investments for Regency Centers.
Regency purchased the property with a co-investment partner.
Regency’s share of the purchase price was $2.7 million.
Regency owns and operates 34 centers, totaling 4 million
square feet, in the D.C. Metro/Maryland market. The properties are managed by a
25-member team with an office in Tysons Corner, Va.
For leasing information, contact Brian Greene at
703-442-4331 or BrianGreene@RegencyCenters.com.
For a complete copy of the company’s news release, please
contact:
Regency Centers Corporation
Cohn Marketing
Lauren Simpson, 303-839-1415, Ext. 43
or
Devin Corini, 703-442-4324
Vice President, Investments
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