Regency Centers acquires grocery-anchored shopping center

Charlotte, N.C. Jacksonville, Fla.-based Regency Centers announced it has, along with its co-investment partner, purchased Providence Commons, a 191,300-sq.-ft. neighborhood center anchored by Harris Teeter, from Providence Road West Development Co.

Providence Commons also features Lowe’s Home Improvement and Rite-Aid.

“The addition of Providence Commons supports Regency’s plans for continued growth in Charlotte and the region,” said Regency Centers’ Chris Widmayer, VP investments. “Over the next five years, Regency expects to invest more than $1 billion in Class A shopping centers like Providence Commons and other well-positioned value-add opportunities.”

Providence Commons will be Regency’s third shopping center in the Charlotte market. Regency also owns Carmel Commons and Cochran Commons.