By Michael Millar—
EVANSVILLE—Regency Properties, a retail property investment and management firm, has acquired Muncie Towne Plaza, a 173,773 square foot shopping center located in Muncie, Indiana. The acquisition underscores Regency’s acquisition philosophy as a “county seat” community retail property investor.
Muncie Towne Plaza, developed in 1997 and renovated in 2005, is fully leased to national tenants. Tenants include Kohl’s, TJ Maxx, Old Navy, Ulta Beauty, and Shoe Carnival.
The center is located on East Princeton Avenue, approximately one-half mile north of McGalliard Road, the primary thoroughfare in Muncie. The closest interstate access, I-69, is about 10 miles West of the center.
“Muncie Towne Plaza is an ideal addition to our portfolio, representing a well-positioned property with upside potential,” said Chris Folz, Chief Investment Officer at Regency Properties. “This acquisition underscores our commitment to investing in and contributing to County-Seat communities.”
Regency specializes in the acquisition, ownership and management of county seat community commercial properties. County seat communities are defined as towns that typically serve as the hub for business, local government, recreation, and shopping for a surrounding rural area.
The property includes a 1.15-acre undeveloped land site immediately adjacent to Old Navy. Regency’s intention is to develop the parcel following consideration on what represents the greatest opportunity: a single- or multi-tenant user space. According to Regency, the site can accommodate a 50,000-square-foot development.
Muncie Town Plaza photo provided by Regency Properties.
Upon acquisition, Regency Properties began a property-specific business and operational plan. As part of that plan, Regency’s property management team will be meeting individually with Muncie Towne Plaza’s tenants and existing vendors. Additionally, Regency personnel will meet with Muncie’s Mayor and other elected officials to reinforce their commitment to being an active contributor to the community.
For more information about Regency Properties, visit Regency’s website and/or watch the Viewpoints video.
