"We're excited," Leonard tells GSR, explaining that the site isnot only in a high-growth residential area, but also oneundersupplied for retail. A national general merchandiser and ahome improvement superstore have already signed on for theproperty, he says, and upwards of 400,000-sf is being activelyentertained by prospective tenants. "The response has been veryfavorable," reports Leonard, adding that the completed deals willbe unveiled shortly in a formal announcement.

Based in Jacksonville, FL, Regency is not masking its interestin Las Vegas, with the grocery anchored retail REIT making inroadsthrough both acquisitions and development. In January, Regencybought Centennial Crossroads for $23 million. The fully leasedproperty is anchored by a Von's and Target Greatland. Regency paida 6.2% cap rate for that property just a few months aftercompletion of a new center in the Las Vegas suburb of Henderson.That complex, the Anthem Highlands Shopping Center, has anAlbertsons supermarket, CVS Pharmacy and Bank of America.

"Vegas is a hot market for us," says Leonard, speaking fromthere via phone while attending this week's International Councilof Shopping Centers spring convention. Although conventioneers andtourists might not frequent neighborhood shopping centers, Leonardsays Regency anticipates substantial demand from those who continueto flock to the city to live. Unemployment is extremely low, hesays, and the economy is resilient due to its 24-hour structure andhealthy industries, such as technology and the hospitalitysector.