Regency Centers Acquires Grocery-Anchored Shopping Center in Chicago Area

GLENVIEW, IL, Sept. 2 /PRNewswire/ -- Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the acquisition of Glen Oak Plaza, a 62,443 square foot neighborhood shopping center anchored by Trader Joe's and Walgreens.

 The property was purchased on September 1 for $18 million from the Adinamis family, a Chicago-area family real estate partnership. Joe Girardi with Mid-America Real Estate Corporation represented Regency in the transaction.

According to Stuart Brackenridge, Regency Centers' Vice President of Acquisitions, Glen Oak Plaza is a Class A shopping center anchored by an 11,944 square foot Trader Joe's specialty grocery store and a 15,754 square foot Walgreens, along with NorthShore University HealthSystem, FirstMerit Bank, Einstein Bros. Bagels, Starbucks, Boston Market and a variety of retail, restaurants and service businesses.

Built in 1967, the 97 percent leased center is located in northwest Chicago at Lake Avenue and Waukegan Road in Glenview, IL.

 The center is surrounded by an average household income of $132,754 which is 60 percent higher than the Chicago Core Based Statistical Area (CBSA) average.

"A family-owned site for 75 years, Glen Oak Plaza is well-positioned in the highly desirable and densely populated North Shore market of Chicagoland, only one mile west of the Glenview Naval Airbase redevelopment into a master planned community," Brackenridge explained.

 "The center is reflective of the value-add properties that Regency pursues, and this acquisition supports Regency's plans for expanded growth in the market."

Regency owns sixteen other retail centers in the Chicago metro area, totaling more than 2.2 million square feet.

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers.

 As of June 30, 2010, the Company owned 398 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53 million square feet located in top markets throughout the United States.

 Since 2000, Regency has developed 201 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion.

 Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed. www.regencycenters.com

Contact: IRInfo@regencycenters.com