JACKSON, MS-Restaurateur Franco’s LLC and Weight Loss Clinic of Ridgeland are the latest tenants to take space at the 64,000-square-foot North Regency Square Shopping Center. The two deals, totaling 5,300 square feet and valued at $250,000, boost the center’s occupancy to 91%.

Jonathan Gould, president and CEO of North Regency owner Stonemar Properties LLC tells GlobeSt.com that the deal with Franco’s represents an expansion for the restaurant chain, while Weight Loss Clinic of Ridgeland is a new operation. The New York City-based Stonemar acquired North Regency Square at 900 E. County Line Rd., as well as nearby shopping centers Purple Creek Shopping Center (1189 E. County Line Rd.) and Centre Park Shopping Center (1060 E. County Line Rd.)  in 2005. All three centers are down the road from Northpark Mall, a regional center offering close to one million square feet.

Gould says that Stonemar, which sets its sites on retail centers in secondary markets, did find the Jackson market somewhat challenging due to tenant roll in the early going, then failed tenancies in 2008. Adding to the situation was new development in the market during the mid-2000s, especially along County Line Road. These developments grew, courtesy of Hurricane Katrina Go-Zone tax credits.

“More and more strip centers were added, which took some tenants out of our centers,” Gould comments. “But the owners were mainly developers who just wanted to get anyone in there and they made quick, hard deals.”

Though the Stonemar properties did struggle a bit in Jackson, tenants are returning. Combined occupancy of all three centers is well above 90%. “We did see a temporary reduction in tenancy,” Gould remarks. “But we’ve been able to build it back over time.”