REAL ESTATE

Centro Properties undergoes name change

BY Katherine Boccaccio

New York City –Centro Properties Group US announced it has officially changed its name to Brixmor Property Group, Inc., effective immediately.

The name change follows the acquisition of the company in June by an affiliate of Blackstone Real Estate Partners VI L.P.

Brixmor is the second largest owner of community and neighborhood shopping centers in the United States with 585 properties aggregating approximately 92 million sq. ft.

“Today, we are a well-capitalized organization committed to supporting the growth strategies of our retailers by offering the best locations in well-anchored, highly productive shopping centers,” said Michael Carroll, CEO.

He added, “By fully re-engaging our redevelopment program, we are able to provide the flexibility required by our grocery, national and regional anchor tenants as they continue to progress their store prototypes.”

Brixmor also unveiled a new logo and a re-branded website of brixmor.com. Additional branding initiatives, including property signage and new leasing and marketing materials, will be implemented over the next several months. The company’s subsidiaries Centro NP LLC and Centro NP Residual Holding LLC will be changing their names to Brixmor LLC and Brixmor Residual Holding LLC, respectively.

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REAL ESTATE

Regency Centers acquires Tech Ridge Center

BY Katherine Boccaccio

Austin, Texas — Jacksonville, Fla.-based Regency Centers said it closed on the acquisition of Tech Ridge Center, an 187,529-sq.-ft. neighborhood shopping located in Austin, Texas, on Sept. 26.

Built in 2001, Tech Ridge Center is anchored by an 84,352-sq.-ft. H-E-B alongside national retailers including Office Depot, Petco, Subway and Massage Envy. The center is 93% occupied.

Tech Ridge Center is the fourth grocery-anchored center acquisition for Regency Centers this year, including Oak Shade Town Center in Davis, Calif., and Calhoun Commons and Rockridge Center in the Minneapolis market. Regency Centers owns 31 properties in Texas, including three centers in Austin totaling 677,000 sq. ft.

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REAL ESTATE

Shoppes at Hartford leases 24,000 sq. ft. of new retail

BY Katherine Boccaccio

Madison, Wis. –Lee & Associates’ Madison office said it has completed $2.8 million of leases at The Shoppes at Hartford; a 24,000-sq.-ft. retail center in Hartford, Wis.

Located next to a new Wal-Mart Super Center, Lee Madison had the center 75% pre-leased before construction commenced and 100% leased before construction was finalized. Construction commenced April 1, and all tenants are expected to open before Christmas 2011.

The lessees at the 24,000-sq.-ft. center include Dollar Tree with 8,000 sq. ft., Game Stop with 2,000 sq. ft., Maurices with 5,000 sq. ft., Hibbett Sports with 5,000 sq. ft., Cash Store with 1,300 sq. ft., Great Clips with 1,300 sq. ft., and World Finance with 1,400 sq. ft.

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