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RICHMOND, VA-Regency Centers is completing the renovations of two grocery-anchored shopping centers here. According to Luke Puccinelli, Regency Centers operations manager, “Regency Centers wants to increase occupancy rate with the goal of upping their vacancy rates.” Regency has invested $750,000 and $900,000 in, respectively, the Village Shopping Center at 7029 Three Chopt Rd. and Gayton Crossing shopping center at 9782 Gayton Rd. The Village’s occupancy rate has risen to fully occupancy from 87% a few years ago, Puccinelli tells GlobeSt.com. The Gayton has a 7% vacancy rate right now, which the firm expects to see decrease in the mid term.

The Village Shopping Center is one of the oldest shopping centers in Richmond, built in 1954. Gayton Crossing was built in the 1980s. Improvements included changes to the exterior façade, exterior insulated finish systems, under canopy renovations, a new lighting and sound system, new image sign package, roof and exterior painting, repaired concrete, and landscaping.

Anchored by Ukrop’s and CVS Pharmacy, the Village Shopping Center is 111,177 sf and has attracted since its renovation several national tenants, which were attracted to the mall’s close proximity to the University of Richmond. Puccinelli says. Tenants include Moe’s Southwest Grill, City Limits, Salon del Sol, Franklin Federal Savings and Loan and Starbucks Coffee, and additional retail and service businesses. Regency Centers purchased the 156,916-sf Gayton Crossing shopping center in 2005. It is anchored by a 52,218-sf Kroger and 38,408-sf Ukrop’s. Other tenants include Good Foods Grocery and retail, restaurants and service businesses.

Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At Dec. 31, 2007, the company owned 451 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 59.2 million sf located in top markets throughout the US. Since 2000 Regency has developed 187 shopping centers, including those currently in-process, representing an investment at completion of nearly $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

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