{"id":1004728690,"date":"2024-09-12T04:17:21","date_gmt":"2024-09-12T12:17:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004728690"},"modified":"2024-09-12T07:24:39","modified_gmt":"2024-09-12T15:24:39","slug":"regency-centers-jv-enters-providence-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/","title":{"rendered":"Regency Centers JV Enters Providence Market"},"content":{"rendered":"\n<p>The joint venture between Regency Centers Corp. and Brand Street Properties has entered the Providence, R.I., market with the purchase of East Greenwich Square, a 158,709-square-foot grocery-anchored shopping center in East Greenwich, R.I.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1599\" height=\"1200\" data-attachment-id=\"1004728691\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/east-greenwich-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\" data-orig-size=\"1599,1200\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"East Greenwich Square\" data-image-description=\"&lt;p&gt;East Greenwich Square. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;East Greenwich Square. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\" alt=\"Exterior shot of East Greenwich Square\" class=\"wp-image-1004728691\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg 1599w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg?resize=1536,1153 1536w\" sizes=\"auto, (max-width: 1599px) 100vw, 1599px\" \/><\/a><figcaption class=\"wp-element-caption\">Dave\u2019s Fresh Marketplace is one of the tenants anchoring East Greenwich Square. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>EDENS sold the asset for $46.7 million and Hartford Investment Management Co. provided a $26 million acquisition loan, according to public records. JLL represented the seller and procured the buyer.<\/p>\n\n\n\n<p>East Greenwich Square came online in 1990 on some 20 acres. Dave\u2019s Fresh Marketplace, Le\u2019s Isle Rose and Healthtrax anchor the property that was 97 percent leased at the time of sale. The tenant roster also includes retailers such as The Savory Grape, Crumbl,  Bank Newport, Club Pilates and McDonald\u2019s, among others. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-owners-gain-leverage-in-jll-report\/\">Retail Owners Gain Leverage<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 1000 Division St., East Greenwich Square is near Route 2 and Interstate 95, which provide easy access to downtown Providence, R.I. The retail center serves around 113,000 individuals within a 5-mile radius, with the average household income of $212,000, according to JLL.<\/p>\n\n\n\n<p>Providence has started to recover gradually after the <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-investors-are-adapting-to-disruption-heres-how\/\">retail disruption<\/a> brought by the pandemic. The retail vacancy rate reached approximately 6.3 percent as of June, while the average rent stabilized at around $17 per square foot, according to a recent Integra Realty Resources report.<\/p>\n\n\n\n<p>JLL Senior Managing Director Chris Angelone, Managing Director Bill Moylan and Director Zach Nitsche, assisted by Vice President Jessica Dowd and Analyst Sam Wiesman, led the Investment and Sales Advisory team that brokered the transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-owner-and-developer-of-shopping-centers\">Owner and developer of shopping centers<\/h2>\n\n\n\n<p>One of the largest retail operators in the U.S., Regency currently has a portfolio totaling more than 61 million square feet. The firm is also a developer of shopping centers, focusing on suburban areas with strong demographics.<\/p>\n\n\n\n<p>The company recently started construction on Oakley Shops at Laurel Fields, a <a href=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-enters-northern-cal-market\/\">Safeway-anchored ground-up project in Oakley, Calif.<\/a> This development marks Regency&#8217;s first foray in the Northern California market.<\/p>\n\n\n\n<p>Regency is also developing a 154,000-square-foot&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-build-connecticut-shopping-center\/\">shopping center&nbsp;in Cheshire, Conn.<\/a>, on a 17.4-acre parcel the firm recently acquired within a 107-acre master-planned community. Delivery is expected next year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners paid north of $46 million for this asset.<\/p>\n","protected":false},"author":3014,"featured_media":1004728691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21749],"tags":[32850,40128,32796,52049],"class_list":["post-1004728690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-retail","tag-edens","tag-hartford-investment-management-company","tag-jll","tag-regency-centers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Regency Centers JV Enters Providence Market - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Regency Centers Corp. and Brand Street Properties purchased East Greenwich Square, a shopping center in East Greenwich, R.I., from EDENS.\" \/>\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-jv-enters-providence-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regency Centers JV Enters Providence Market\" \/>\n<meta property=\"og:description\" content=\"Regency Centers Corp. and Brand Street Properties purchased East Greenwich Square, a shopping center in East Greenwich, R.I., from EDENS.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/\" \/>\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=\"2024-09-12T12:17:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-12T15:24:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1599\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\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-jv-enters-providence-market\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/\",\"name\":\"Regency Centers JV Enters Providence Market - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\",\"datePublished\":\"2024-09-12T12:17:21+00:00\",\"dateModified\":\"2024-09-12T15:24:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Regency Centers Corp. and Brand Street Properties purchased East Greenwich Square, a shopping center in East Greenwich, R.I., from EDENS.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-jv-enters-providence-market\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/East-Greenwich-Square-e1726131900367.jpg\",\"width\":1599,\"height\":1200,\"caption\":\"East Greenwich Square. 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