Regency Centers Corporation is a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

based in

Jacksonville, Florida Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the List of United States cities by area, largest city by area in the contiguous United States as of 2020. It is the co ...

and is one of the largest operators of shopping centers with

grocery store A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, a ...

s as

anchor tenant In retail, an "anchor tenant", sometimes called an "anchor store", "draw tenant", or "key tenant", is a considerably larger tenant in a shopping mall, often a department store or retail chain. They are typically located at the ends of malls. W ...

s. As of October 21, 2020, the company owned 415 properties comprising 56 million square feet of space. Notable properties owned by the company include

Serramonte Center Serramonte Mall is a . super-regional shopping mall located in Daly City, California. The mall is anchored by Macy's, Dick's Sporting Goods, and Target Corporation, Target. The mall is owned by Capital & Counties and is managed by Jones Lang LaSal ...

and a 30% interest in

Village District Village District (formerly Cameron Village), was the first planned community to be developed in Raleigh, North Carolina. Development was started in 1947 when J.W. York and R.A Bryan bought of undeveloped land two miles west of downtown Raleigh, ...

History

In 1963, the company was founded as Regency Square Properties by Martin and Joan Stein. Four years later, the company built Jacksonville's first regional mall, Regency Square. In 1993, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

, raising $108 million in an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. In 1997, the company acquired Branch Properties, a Publix developer and leading owner of shopping centers in Atlanta, Georgia. In 2004, the company acquired a $400 million property portfolio from Branch Properties. On December 27, 2004, the company and California State Teachers' Retirement System (CalSTRS) formed a new co-investment partnership to acquire over $200 million in neighborhood and community shopping centers. In 2005, the company, in partnership with Macquarie CountryWide Trust, acquired 101 centers from First Washington Realty, Inc. and California Public Employees' Retirement System for $2.74 billion. First Washington Realty Inc. and the California Public Employees’ Retirement System bought back a 60% interest in most of the portfolio in 2009. In August 2013, the company sold a portfolio of 7 grocery-oriented shopping centers to a joint venture between

Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

and DDR Corp. (now

SITE Centers SITE Centers Corp. (formerly DDR Corp. and Developers Diversified Realty, Inc.) is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohi ...

) for $332 million. In 2017, the company acquired Equity One. Longtime CEO Hap Stein stepped down from his role as Chairman & CEO in 2019. He was succeeded by Lisa Palmer.

References

External links

{{NASDAQ Financial-100 Real estate companies established in 1963 Companies based in Jacksonville, Florida American companies established in 1963 Companies formerly listed on the New York Stock Exchange Real estate investment trusts of the United States 1993 initial public offerings Real estate companies of the United States Publicly traded companies based in Jacksonville, Florida