The Plaza building was constructed in 1966 and was converted from an enclosed mall in 1994 into a three-story shopping center. The Crossing complex has three buildings, two which were developed in 2007 and another that was constructed in 2001. "They're essentially one center, they share one parking lot," says Stuart Brackenridge, VP of acquisitions.
The center is about 98% occupied, Brackenridge says, with tenants such as Barnes & Noble, Macy's Furniture, Old Navy, Dick's Sporting Goods, Linens 'N Things, Staples and a new Jared Jewelers at the Plaza. The Crossing has Fresh Market, Starbucks, Verizon, FedEx and Sprint.
Brackenridge says the property is pretty much infill, with not much similar competition. "It's right across the street from General Growth's Kenwood Towne Centre," he says. "The area has strong demographics, and we like the grocery anchor. Also, a lot of the tenants are in option periods, so there's strong cash flow."
Regency already has nine other shopping centers in the Cincinnati area. "We've had an office there for a long time, and the assets are performing strong. There's not a lot of huge growth, but it's a good solid market." The company's portfolio in this Midwest city is at about 95% occupied, he says. Regency owns more than 450 retail properties, with about 59.2 million sf throughout the US.
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