Regency purchases Austin Town Center
Published 9:12 am Friday, December 29, 2017
- It was announced Thursday that Regency Properties has purchased the Austin Town Center. Herald file photo
An Indiana-based commercial real estate company specializing in county seat communities is the new owner of Austin’s Town Center at 1700 17th St. N.W.
Senior Vice President and Chief Investment Officer Jeff Howell confirmed Regency Properties had purchased the property from Brixmor Property Group Thursday afternoon.
Howell said Regency Properties is excited for the prospects of the strip of businesses located south of the Target building on the northwest side of Austin. Austin Town Center encompasses 112,258 square feet of commercial space, and is the first property owned by Regency Properties in Minnesota.
The center, according to Regency, is a dominant retail shopping center because of its location at the intersection of Interstate 90 and U.S. Highway 218. Aldi Foods and Jo-Ann Fabrics are two anchor tenants, but the center also features a good mix of small shops including Dollar Tree, Edward Jones, Sally Beauty, Great Clips and Verizon Wireless, according to a news release issued Thursday.
Regency Properties has planned renovations to include exterior facade work and a pylon update at an estimated cost of about $300,000.
“We are thrilled to expand our national footprint to Minnesota,” said Howell. “Austin has a strong, well-positioned shopping center that we see a lot of opportunity to redevelop and revive for those we serve.”
Regency Properties, in business since 1949, is based in Evansville, Ind., and specializes in acquiring, renovating and managing shopping centers in small and mid-sized communities. Regency owns over 5.3 million square feet of retail shopping center space in 18 states.
Regency Properties has earned the A List Award for Real Estate Excellence as part of the National Real Estate Customer Service Awards program in five of the past six years.
The award honors the best in the industry for the company’s ability to provide a high level of quality of customer service throughout its portfolio. The awards are based on surveys of tenant satisfaction, and is conducted annually by CEL & Associates of Los Angeles.
