REAL ESTATE

Regency buys class-A center in D.C. metro area

BY Michael Fickes

SILVER SPRING, Md. —Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.

A 9,306-sq.-ft. Trader Joe’s anchors the neighborhood center alongside Starbucks, Chico’s and AT&T. The center benefits from strong visibility and accessibility with more than 62,000 vehicles per day passing on Route 29, a major north-south thoroughfare linking the D.C. and Baltimore metro areas.

About 166,782 people live inside the three-mile ring. Average household income is $100,000. Nearly one million square feet of office, medical, flex and industrial space and support a daytime population of 145,716.

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REAL ESTATE

Regency to build new Miami center

BY Michael Fickes

MIAMI —Regency Centers Corp.has announced the development of Fontainebleau Square, a 320,339-sq.-ft. grocery anchored community center, the company’s first ground-up retail development in Dade County.

Fontainebleau Square has signed Publix Sabor (45,600 sq. ft.) and Target (139,751 sq. ft.) as anchors. Construction starts this month, with anchor openings expected as early as October 2014.

Located 10 miles west of downtown Miami, at 102nd Ave. and West Flagler Street, a primary artery running from the Florida Turnpike to Palmetto Highway and Miami, the center will count 50,000 passing vehicles per day.

The urban infill location features a 360-degree trade area in one of Dade County’s densest markets — twice the density of the market’s average. About 180,000 people, including 40,000 students at nearby Florida International University, live in the area, and the daytime population rises 249,000.

“Retailer interest is high as Fontainebleau Square brings together the key components for success — an infill location with high barriers to entry and market-dominant anchors,” said Josh Spooner, VP, investments for Regency. “In fact, the center is already 86% leased and committed.”

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S.Canila says:
Sep-02-2013 10:35 am

Great
That's really great news for all the Miami localities specially the west of downtown Miami. http://www.thertastore.com

S.Canila says:
Sep-02-2013 10:35 am

That's really great news for all the Miami localities specially the west of downtown Miami. http://www.thertastore.com

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FINANCE

Alco acquisition spurs investigations

BY Dan Berthiaume

ABILENE, Texas —Law firms Brodsky & Smith LLC and Levi & Korsinsky are investigating potential claims against the board of directors of Alco Stores Inc., in relation to a merger agreement between Argonne Capital Group, LLC and Alco. Under the terms of the transaction, announced July 25, Alco shareholders will receive $14 in cash for each share of Alco stock they own.

The investigation concerns possible breaches of fiduciary duty and other violations of state law by the board of directors of Alco for not acting in the company’s shareholders’ best interests in connection with the sale process. A press release from Brodsky & Smith states that the sale price may undervalue Alco both according to its book price and future growth potential. Neither Alco nor Argonne has publicly responded to the investigation.

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