Regency Centers purchases Preston Oaks
Dallas — Regency Centers Corp. has closed on an off-market acquisition of Preston Oaks, a 103,503-sq.-ft. infill neighborhood center anchored by H-E-B Central Market. National retailers include Gap, Pier 1 Imports and White House Black Market.
Located in the Preston Hollow neighborhood of Dallas, Preston Oaks serves a market of 109,000 within a three-mile radius. Average household income is $144,000. The market’s population swells to 118,000 during the day.
“Preston Oaks fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Stuart Brackenridge, VP acquisitions and dispositions for Regency Centers.
With the Preston Oaks acquisition, Regency Centers owns 12 centers in the Dallas market.
Tucker Development is bringing ShopRite to Springfield Avenue Marketplace
Newark, N.J. — Tucker Development Corp. has signed a deal with Wakefern Food Corp. retail cooperative to bring a 67,000-sq.-ft. ShopRite grocery store to Springfield Avenue Marketplace in Newark, N.J.
Wakefern is the merchandising and distribution arm for ShopRite stores.
The new ShopRite will anchor the 125,000-sq.-ft. center set to break ground this fall. When complete, the center will serve approximately 280,000 Newark residents, 180,000 employees and 60,000 college students and faculty.
The development will also feature approximately 150 residential apartments and create approximately 240 construction jobs and almost 400 full and part-time jobs.
The shopping center and residences will form part of a Newark Urban Enterprise Zone, where customers will receive a 50 % reduction of sales tax on most purchases along with the full exemption of taxes on grocery and clothing purchases in New Jersey.
“ShopRite and other retailers at Springfield Avenue Marketplace will help recapture a large portion of the $575 million in retail sales that Newark loses every year, as residents have been forced to make 38 % of their purchases outside the city,” said Richard Tuck, president and CEO of Tucker Development Corp. “It will also provide a necessary resource to neighborhood residents, create employment opportunities and help to increase the city’s tax revenue base.”
“The site where the ShopRite will be built has been vacant for over 20 years, and this store along with the other developments slated to go on that 11-acre parcel, will be a game-changer for that part of Springfield Avenue,” said Darrin Sharif, Central Ward Councilman for the City of Newark.
Phillips Edison-ARC names CFO
Cincinnati — Devin I. Murphy has joined Phillips Edison-ARC Shopping Center REIT Inc. (www.phillipsedison-arc.com) as CFO, treasurer and secretary.
“With over 25 years of experience in the real estate investment industry, including executive leadership positions with Morgan Stanley and Deutsche Bank Securities Inc., Devin brings significant experience to the company,” said Jeffrey Edison, co-chairman of the board and CEO.
Murphy is an advisory director of Hawkeye Partners, a real estate private equity firm headquartered in Austin, Texas and Trigate Capital, a real estate private equity firm headquartered in Dallas. He is a member of the Urban Land Institute, the Pension Real Estate Association and the National Association of Real Estate Investment Trusts.