Regency Centers acquires Chicago-area shopping center
Glenview, Ill. Jacksonville, Fla.-based Regency Centers said it has closed on the acquisition of Glen Oak Plaza, a 62,443-sq.-ft. neighborhood shopping center located in Glenview, Ill., and anchored by Trader Joe’s and Walgreens.
Regency purchased the property on Sept. 1 for $18 million from the Adinamis family, a Chicago-area family real estate partnership.
Other tenants in the center include NorthShore University HealthSystem; FirstMerit Bank; Einstein Bros. Bagels; Starbucks; Boston Market; and a variety of retail, restaurants and service businesses.
The center is 97% leased.
Regency owns 16 other retail centers in the Chicago metro area, totaling more than 2.2 million sq. ft.
Regency Centers names mid-Atlantic VP
Vienna, Va. Jacksonville, Fla.-based Regency Centers said it has named Devin Corini as VP investments.
Located in the company’s Vienna, Va., office, Corini will be responsible for identifying, evaluating, and structuring profitable retail development opportunities throughout the mid-Atlantic region, according to Regency Centers.
Fry’s opens new upscale store in Phoenix
Phoenix Supermarket chain Fry’s Food Stores has opened a Signature Marketplace superstore in Phoenix, according to a report by the Arizona Republic.
The Tolleson, Ariz.-based discount grocer, which is owned by Cincinnati-based Kroger Co., has opened the new store as a means to appeal to more affluent shoppers, offering an upscale setting that includes valet parking, custom car washes, a cooking school, wine bar and expanded selections of organic produce and high-end meats.
According to the report, Fry’s, which is celebrating its 50th year in Arizona, is betting the new store will help reposition it as more than just a low-price player. The new store will carry an expanded line of high-end merchandise, although the majority of the products will be priced the same as at other Fry’s locations.
The new 136,000-sq.-ft. store, which opened as a Smitty’s supermarket in 1985, had been closed since April while it was being transformed into Fry’s flagship Arizona supermarket.
Fry’s operates 121 supermarkets in Arizona under the Fry’s banner; its parent Kroger operates nearly 2,500 stores.