REAL ESTATE

Texas’ first Kroger Marketplace opens at Waterside Marketplace

BY CSA STAFF

Richmond, Texas Jacksonville, Fla.-based Regency Centers announced the formal opening of the first Kroger Marketplace store in Texas on Oct. 9.

The 125,000-sq.-ft. store opened at Waterside Marketplace shopping center, located in Richmond. Regency closed on the land acquisition for Waterside Marketplace in April 2007, construction was completed in May, and the center opens fully leased and committed.

The Kroger Marketplace at Waterside Marketplace will be the sixth Kroger store location in Regency Centers’ Houston portfolio and the 12th store statewide with Regency. Kroger has 56 store brand locations nationwide with Regency.

Waterside Marketplace is a 147,857-sq.-ft. community shopping center with a wide variety of retailers that are open for business, including three banks on outparcels. Retailers currently open for business include Wells Fargo, Chase Bank, AMC Nails, Liquor’s 4 Us, Your Local Computer Store, Il Primo Pizza & Wings, and Fossum Family Dental Care.

Slated to open in the next few weeks are Kumon Math & Reading Center and Speedy Mail. Great Clips, West Green Cleaners, State Farm Insurance, Uncle Lee’s Cafe and an optometrist will open by the end of the year.

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REAL ESTATE

Regency adds 54 centers to outdoor water conservation initiative

BY CSA STAFF

Jacksonville, Fla. Based upon achieving 30% savings since the inception of its outdoor water conservation pilot project, Regency Centers announced it is expanding its initiative to 54 additional shopping centers.

In December 2008, Regency Centers selected 36 of its existing shopping centers for a pilot program to install high-efficiency “smart” irrigation controllers aimed at reducing its outdoor water consumption. Now, as a result of the success of the pilot, Regency Centers is installing “smart” irrigation controllers at 54 additional shopping centers in Arizona (3), California (17), Colorado (4), Florida (11), Oregon (1), Texas (17), and Washington (1).

Regency plans for the additional 54 properties to be installed by the end of the year.

According to Mark Peternell, the company’s VP of sustainability, the results of the pilot initiative confirmed that ordinary irrigation controllers result in over-watering. On the other hand, the ‘smart’ irrigation controllers, which adjust the irrigation schedule based on local weather conditions and other parameters, have proven to save water and reduce operating expenses.

“Success is determined by a year-over-year decrease in water consumption while maintaining the landscaping to Regency’s quality standard. The ‘smart’ systems have met our savings expectations of 30% and resulted in substantially lower water bills, especially at properties with tiered rate structures,” said Peternell.

Regency anticipates a savings of more than 96 million gallons of water per year. This will result in a proportional reduction in operating expenses and provide an on-going benefit to the company and its tenants, according to Regency

Peternell said that going forward, Regency will incrementally apply the technology into its portfolio as long as the savings continue to accrue and the overall return on investment continues to make sound financial sense.

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REAL ESTATE

Coreland awarded Q2 receivership assignments, management contracts

BY CSA STAFF

Tustin, Calif. Coreland Cos. announced that its principal Patrick Galentine has been appointed State Court Receiver in matters involving four assets located in Southern California totaling 1,231,000 sq. ft. of retail, office and industrial space.

Additionally, Coreland will be responsible for the property management during the receivership period.

Earlier this year, Coreland was awarded over 1 million sq. ft. in property-management contracts, according to the company; nearly half of the new assignments were on behalf of State Court-appointed Receivers.

 

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