{"id":1004676906,"date":"2023-08-21T04:12:24","date_gmt":"2023-08-21T12:12:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676906"},"modified":"2023-08-22T10:55:32","modified_gmt":"2023-08-22T18:55:32","slug":"regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle\/","title":{"rendered":"Regency Centers Wraps $1.4B Acquisition of Urstadt Biddle"},"content":{"rendered":"
\"\"<\/a>

The newly acquired centers align with Regency\u2019s strategy, expanding the company’s presence in strong trade areas in the Northeast, according to Lisa Palmer, Regency\u2019s president & CEO. Image courtesy of Regency Centers<\/em><\/p><\/div>\n

Regency Centers Corp<\/strong>. has completed its previously announced all-stock acquisition of Urstadt Biddle Properties<\/strong> Inc.<\/strong><\/p>\n

The deal\u2019s dollar value was estimated at $1.4 billion when the acquisition was first disclosed<\/a>, in May.<\/p>\n

Urstadt Biddle owned or had equity interests in 5.3 million square feet of space across 77 properties.<\/p>\n

The combined company has a total equity market capitalization of more than $11 billion and an enterprise value of more than $16 billion, according to Regency. The combined portfolio comprises 480 properties encompassing more than 56 million square feet of gross leasable area.<\/p>\n

In addition, the acquisition expands Regency\u2019s footprint of grocery-anchored shopping centers in premier suburban trade areas.<\/p>\n

\n

READ ALSO<\/strong>: Net Lease Cap Rates Rise for 5th Straight Quarter<\/a><\/p>\n

\n

The newly acquired centers align with Regency\u2019s portfolio strategy, expanding its presence in strong trade areas in the Northeast, Lisa Palmer, Regency\u2019s president & CEO, said in a prepared statement.<\/p>\n

RBC Capital Markets<\/strong> and Wells Fargo Securities<\/strong> were financial advisors and Wachtell, Lipton, Rosen & Katz<\/strong> was legal advisor to Regency Centers. Eastdil Secured<\/strong> and Deutsche Bank<\/strong> were financial advisors and Hogan Lovells US LLP<\/strong> was legal advisor to Urstadt Biddle.<\/p>\n

Regency Centers operates as a self-administered, self-managed REIT that is an S&P 500 Index member.<\/p>\n

Strength in groceries<\/h2>\n

Coming out of the first quarter, \u201cgrocery-anchored retail retained its position as the most heavily transacted multi-tenant retail sub-type by volume,\u201d at $3.6 billion, JLL<\/strong> reported earlier this month. The report added that grocery-anchored centers also are priced the most aggressively, at an average cap rate of 6.9 percent.<\/p>\n

In May, Regency Centers and joint venture partner Blumenfeld Development Group<\/strong> announced plans to redevelop<\/a> the vacant 282,223-square-foot SunVet Mall in Holbrook, N.Y., on Long Island. The joint venture intends to replace the 1973-vintage mall with a 168,000-square-foot open-air retail center anchored by Whole Foods Market<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

With an enterprise value of $16 billion, the combined company represents a 56 million-square-foot retail footprint.<\/p>\n","protected":false},"author":882,"featured_media":1004343434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742,21749],"tags":[32791,33101,33813,33003,37131,38344],"class_list":["post-1004676906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","category-retail","tag-deutsche-bank","tag-eastdil-secured","tag-rbc-capital-markets","tag-regency-centers-corporation","tag-urstadt-biddle-properties-inc","tag-wells-fargo-securities"],"acf":[],"yoast_head":"\nRegency Centers Wraps $1.4B Acquisition of Urstadt Biddle - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Regency Centers Corp. has completed its previously announced all-stock acquisition of Urstadt Biddle Properties Inc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regency Centers Wraps $1.4B Acquisition of Urstadt Biddle\" \/>\n<meta property=\"og:description\" content=\"Regency Centers Corp. has completed its previously announced all-stock acquisition of Urstadt Biddle Properties Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T12:12:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T18:55:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/Lisa-Palmer_825x825-e1564696206608.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"618\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-wraps-1-4b-acquisition-of-urstadt-biddle\/\",\"name\":\"Regency Centers Wraps $1.4B Acquisition of Urstadt Biddle - 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