Port Richey, (Tampa MSA), FL
Regency Crossings is a 86,000 square foot Publix-anchored neighborhood shopping center located in Port Richey, just North of Tampa, FL.
The center is anchored by Publix with a long term commitment to this site. At the time of acquisition, the asset was 70% occupied and included an outparcel ready for development representing a great value-add opportunity. The asset had been neglected by previous ownership and PMAT immediately commenced a comprehensive redevelopment with a total roof replacement, LED lighting upgrades, milling and overlaying of the parking lot, overhauling the landscaping, painting, enhancing pylons, and doing façade work — a total redevelopment.
Regency Crossings is located in on Ridge Road (30,000 vpd). Other retailers in this corridor include Walmart, Home Depot, Hobby Lobby, and others. Demographics in the area are strong with 147,000 people living in a 5 mile radius earning average incomes of $52,000.
PMAT was able to acquire this center off market after it had fallen out of contract at below replacement cost (under $89/SF). During due diligence and within two weks of closing PMAT had signed two new leases - early indicators of a succefuls turnaround effort!