HomeMy WebLinkAbout10-ATTACHMENT 3BAttachment 3B
Regency Centers
Tustin Legacy
Disposition Package 1 C
Interview
Prepared and submitted by:
Regency Centers
915 Wilshire Boulevard, Suite 2200
Los Angeles, CA 90017
Mr. John T. Mehigan
Respondent's Qualifications
Regency Centers is a national owner, operator and developer of grocery -anchored and community
shopping centers. Regency's mission is to be the industry leader through the highly -focused
commitment of our talented employees to provide a high level of quality and innovation for the benefit
of our shareholders, retail customers, partners, communities, and environment. Regency owns
nearly 400 retail properties totaling approximately 53 million square feet, located in the top markets
throughout the United States.
Regency's properties are anchored by market -dominant supermarket chains, including Kroger,
Publix, and Safeway, specialty grocers such as Whole Foods, as well as leading national retailers
such as Target and Kohl's. Since 2000 Regency has developed 204 shopping centers nationwide,
with approximately 43 of those centers located in California. This national development program
represents an investment at completion of nearly $3.0 billion with California's development program
representing approximately $1.0 billion. Specifically in the Southern California area Regency has
redevelopment and developed numerous class "A" neighborhood and community shopping centers
anchored by national credit tenants.
Headquartered in Jacksonville, Florida, Regency has 17 offices and nearly 400 employees
nationwide. Regency was founded in 1963 and has been in business for 47 years. Regency was
founded by Martin and Joan Stein and became a publicly traded REIT in 1993. Operating as a fully
integrated real estate company, Regency is a qualified real estate investment trust that is self-
administered and self -managed. Despite a national presence across the United States, Regency
operates on a local level, working closely with local governments, agencies, and communities to
achieve developments that are of the highest quality and best use for the community. The West
Coast Regional Office is located in downtown Los Angeles and has approximately 30 employees.
The principals for Regency are:
• Hap Stein — Chairman & CEO, 33 years with Regency Centers, located in Jacksonville
• Brian Smith — President & COO, 28 years with Regency Centers, located in Jacksonville and
Los Angeles
• Bruce Johnson — CFO, 37 years with Regency Centers, located in Jacksonville
• Jim Thompson — Managing Director, 29 years with Regency Centers, located in Jacksonville
• John Delatour — Managing Director, 27 years with Regency Centers, located in Dallas
• Mac Chandler — Managing Director, 20 years with Regency Centers, located in Los Angeles
Regency's primary focus is to own, operate, and develop neighborhood and community shopping
centers. As mentioned previously, Regency owns nearly 400 retail properties, totaling approximately
53 million square feet. The West Coast region owns shopping centers in California, Nevada, Oregon,
and Washington. The Midwest region includes centers in Arizona, Colorado, Illinois, Michigan, and
Texas. The Southeast region includes the states of Florida, Georgia, North and South Carolina and
Tennessee. Finally, Regency owns shopping centers in the Northeast region from West Virginia to
Maine.
Since Regency operates nation-wide, a list of all the centers Regency owns would be lengthy.
Please refer to the attached Exhibit A which illustrates the locations of 41 shopping centers in
Southern California. Since 1998, we have completed 43 shopping center projects in California for a
total investment of $968 million dollars. The 43 projects reflect a total gross leasable area (GLA) of
F-.
5.4 million square feet. A detailed summary of Regency's development activity of the past 10 years is
in the attached Exhibit B. Please also refer to Exhibit C which illustrates several examples of
redevelopment and development projects Regency has completed over the past few years.
Our local team has the acquisition, entitlement, project management, community outreach, operations
management, and leasing expertise to properly and efficiently execute this redevelopment project.
Regency also has an extensive tenant and broker network which we use to attract national, regional
tenants and local tenants to ensure the right merchandising and tenant mix is in place for a
successful project that the community will embrace (please refer to Exhibit D which displays a list of
national and regional tenants we have worked with over the years. Tenant references may be
furnished upon request).
For this proposed development, Regency would utilize their Los Angeles based team led by
Managing Director Mac Chandler, Vice President of Investments John Mehigan, Steve Shaul, Senior
Manager of Investments, and Phil Williams, Senior Project Manager Construction. (Resumes
attached, please see Exhibit E). Mac, John, and Steve will lead the acquisition, entitlement, and
community outreach effort as well as secure anchor tenant commitments. John and Steve will also
manage the relationship with the RDA. Phil will utilize his construction expertise to study and
evaluate the site and redevelopment possibilities as well as supervise the outside general contractor,
architects and civil engineers. Regency will also utilize in house leasing agents and, if needed,
external broker contacts to indentify prospective tenants and evaluate tenant interest. In the Los
Angeles office, Aaron Keswick and Joshua Guthartz lead the way in new leasing and renewal deals.
Regency will engage the necessary external top tier consultants to assist in the areas of legal,
architecture, community outreach, civil engineering, and planning to create and execute a strategic
plan to develop a property that is unique and accepted by the community.
so Unlike most developers, Regency does not need to rely on third party financing. Through Regency's
Capital Recycling program, Regency is able to pursue new acquisitions and developments quickly.
Approximately half of Regency's entire portfolio is owned in a co -investment partnership. Regency's
co -investment program has been in existence almost 10 years, so it is an integral part of Regency's
business. Regency's expected approach to this specific acquisition will be to fund this transaction on
an "all cash" basis with no financing contingency. Regency has the financial depth to fund the capital
needed during the due diligence period. Regency's process typically consists of internally approving
a predevelopment budget to complete due diligence and during this time will retain consultants who
specialize in legal, architecture, civil engineering, building survey, and geotechnical services.
Regency also has in house construction experts and leasing agents who study the specific submarket
and utilize their tenant relationships to identify probable tenants early on during the exclusivity period
The existing shape of Regency's consolidated balance sheet includes approximately $100m in cash
and $235m in "callable" proceeds from the forward equity offering completed in December 2009. In
addition, depending on the acquisition, Regency has an approximate $600m line of credit with a
current zero balance. Regency will submit an audited financial statement for the last two years if
Regency is the successful bidder.
Design, Construction & Project Management
Regency manages projects through a design bid build process. Regency has in house project
management staff that selects and manages the design team and project required specialty
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consultants as well as the general contractor. Professional service consultants are selected based on
performance and ability to provide the required services required on a project specific basis.
Regency has a varied list of consultants and design professionals with local personnel and
r experience for regions throughout Southern California. Selections are evaluated on cost and
experience relative to the size, scope, and region of each project.
Contracting method for each project is determined on type of project and the level of design
completion at the start of the project. Regency has utilized lump sum bidding, negotiated cost of the
work plus fee with a guaranteed maximum price and other contract methods. Timing of a project may
-� require buyout and procurement as the work is underway. Typically, a lump sum bidding scenario is
desired when documents are complete at the commencement of construction activities. Regency
also has experience designing, managing, and constructing public improvements as part of some of
the projects it has developed. Compliance with public works bidding requirements including certified
payroll and prevailing wage requirements and bonding as required for public works improvements
have frequently been undertaken.
Regency has worked with various local, state and federal agencies on a number of projects including
but not limited to CRA of Los Angeles, Regional Water Quality Board Santa Ana Region, Regional
Water Quality Board San Diego Region, Caltrans Division 8, US Army Corps of Engineers, California
Department of Fish and Game, San Bernardino County Flood Control District, Riverside County Flood
Control District, County of Riverside Transportation Department, Federal Bureau of Reclamation and
others.
Murrieta Marketplace located in Murrieta California is an example of a recent project that involved
significant coordination with The City of Murrieta, Riverside County, Regional Water Quality Board
San Diego Region, US Army Corps of Engineers, California Department of Fish and Game and
Caltrans. This project is a conversion of approximately 70 acres of raw undeveloped land, creation,
and restoration of wetlands and multiple public improvements. Regency has a Development
Agreement with the City of Murrieta. Coordination and approvals were obtained and issued by the
following agencies: Caltrans, Eastern Municipal Water District, US Army Corps of Engineers,
Department of Fish and Game, Riverside County Department of Transportation, Regional Water
Quality Board San Diego Region, Pechanga Indian Tribe, The City of Murrieta and various utilities.
Regency is also actively working on an urban redevelopment project located at the intersection of
j Central Avenue and Slauson Avenue in Los Angeles, CA. Regency is completing this redevelopment
in concert with the Community Redevelopment Agency of Los Angeles (CRA). Regency was
selected through an RFP process to develop a grocery -anchored retail center in South Central Los
Angeles on a site that was an existing scrap metal yard and used car lot. The site is heavily
contaminated and in the process of being remediated. Regency executed a Disposition and
Development Agreement (DDA) with the CRA and is partnering with a local community group
(Concerned Citizens of South Central Los Angeles) in a joint venture arrangement. Regency will
remediate the hazardous waste as an agent working for the CRA, and then once Regency obtains the
state's sign off, the property transfers to Regency who will build and operate a newly developed
shopping center anchored by a Hispanic grocery store, drug store, and supporting retail shops. One
of the unique requirements is for Regency to build a 1,000 square foot suite for a computer training
lab used for community benefit that the Concerned Citizens group will manage.
■
FAN
Property Management
Regency's Operation Team is currently responsible for the fiscal and physical plant management of
nearly 400 assets throughout the country. Regency Centers manages over 5 million square feet of
r assets in the Southern California and San Diego markets alone.
We recognize that the quality of our portfolio depends upon strong vendor relationships, our high
performance standards, and aggressive quality control measures. All vendors are carefully selected
and must comply with Regency's Code of Business Conduct polices and insurance requirements.
We conduct routine property inspections to ensure that the property's appearance meets our
expectations.
Regency's operation team is responsible for developing both short-term and long-term capital
improvement plans intended to extend the useful life of the asset and ensure we remain competitive
in the market. The property operations team is also responsible to bid, contract, and manage all
approved projects.
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Exhibit D
Tenant List
Tenants over 10,000 sf
24 HOUR FITNESS
ACCESS HOME
ACE HARDWARE
ALBERTSONS
BED BATH & BEYOND
BEVERAGES & MORE!
BIG 5 SPORTING GOODS
BOOKSTAR
BRISTOL FARMS
COST PLUS WORLD MARKET
CVS
EL SUPER
FRAZIER FARMS
FRESH & EASY
GELSON'S MARKETS
GOLFSMITH
JIMBO'S ... NATURALLY!
JO -ANN FABRICS
KOHL'S
KRIKORIAN THEATRES
LONG'S DRUG
MICHAEL'S
MITSUWA MARKETPLACE
OFFICE DEPOT
O'REILLY AUTO PARTS
PARTY CITY
PETCO
PIER 1 IMPORTS
RALPHS
RITE AID
ROSS DRESS FOR LESS
SPORT CHALET
SPORTS AUTHORITY
SPROUTS
STATER BROTHERS
STEIN MART
SUPERIOR SUPER WAREHOUSE
TARGET
TJ MAXX
TOTAL WOMAN
TOYS R US
TUESDAY MORNING
VONS
WHOLE FOODS
WINCO
Tenants under 10,000 sf
AARON BROTHERS
AT&T WIRELESS
AUTOMOBILE CLUB OF SOUTHERN CA
AUTOZONE
BASKIN ROBBINS
BURGER KING
CARL'S JR
CHILIS RESTAURANT
CHIPOTLE MEXICAN GRILL
CITIBANK
COCOS RESTAURANT
COFFEE BEAN & TEA LEAF
COLD STONE CREAMERY
CORNER BAKERY
DAPHNE'S GREEK CAFE
DEL TACO
EB GAMES
ELEPHANT BAR RESTARUANT
EXXON / MOBIL
FAMOUS DAVE'S
FAMOUS FOOTWEAR
FIVE GUYS BURGERS & FRIES
FREEB!RDS WORLD BURRITO
GAME STOP
GNC
GREAT CLIPS
HALLMARK
HOMEGOODS
JAMBA JUICE
JENNY CRAIG
JERSEY MIKE'S SUBS
JPMORGAN CHASE BANK
KRAGEN AUTO PARTS
LA SALSA
MASSAGE ENVY
MCDONALDS
MEN'S WEARHOUSE
MIMI'S CAFE
PANDA EXPRESS
PANERA BREAD
PAYLESS SHOES
ROY'S
RUBIO'S BAJA GRILL
SEATTLE'S BEST COFFEE
SOUPLANTATION
STARBUCKS
STYLES FOR LESS
TACO BELL
TGI FRIDAYS
THE COUNTER - CUSTOM BUILT BUR
TOGO'S
UNION BANK OF CALIFORNIA
WAHOO'S FISH TACO
WASHINGTON MUTUAL BANK
WELLS FARGO BANK
Exhibit E
Mac Chandler
Managing Director— West
Los Angeles
Mac Chandler is managing director for Regency Centers, a real estate
investment trust (REIT) specializing in developing, owning and operating grocery -
anchored and community shopping centers.
He oversees the formulation, growth and management of development and
investment business, plus a portfolio of 100 centers, in California, Oregon,
Washington and Nevada.
Mr. Chandler returned to Regency in 2009 where he previously served in various
positions for nearly a decade, most recently as Managing Director of
Investments, Northeast, a territory from Virginia to Maine. A seasoned real
estate veteran, he has successfully developed retail centers in ten states, as well
as multi -family housing, mixed-use centers, office and industrial properties in
Southern California.
Mr. Chandler holds a Bachelor of Science in Urban Planning, a Master of
Business Administration and a Master of Real Estate Development from the
University of Southern California. He is a member of the International Council of
Shopping Centers and the Urban Land Institute (ULI), where he serves as
Chairman of ULI's Small Scale Development Council.
•
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John Mehigan
Vice President of Investments
Los Angeles
John Mehigan is Vice President, Investments for Regency Centers, a NYSE
traded real estate investment trust (REIT). Regency specializes in the
developing, owning, and operating of retail shopping centers. Regency controls
396 shopping centers in the United States, fifty-five of which are in Southern
California.
Mr. Mehigan runs the Southern California Investment team, which is responsible
for the acquisition and development of new shopping center opportunities.
Prior to joining Regency Mr. Mehigan was a Senior Development Manager for
Panattoni Development for 6 years. He started his career as a retail broker for
CB Richard Ellis, specializing in ground up development of shopping centers.
John Mehigan holds a Bachelor of Science degree and a Master of Business
Administration degree from the University of Southern California. He is a
licensed California Real Estate Broker and a member of the International Council
of Shopping Centers.
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Steve Shaul
Senior Manager, Investments
Los Angeles
Steve Shaul is a senior manager of Investments for Regency Centers, a real
estate investment trust (REIT) specializing in developing, owning and operating
grocery -anchored and community shopping centers.
He is responsible for identifying and executing development and redevelopment
projects in the Southern California market. During his time at Regency, Mr.
Shaul was the Project Manager responsible for two ground -up development
projects: Indio Towne Center, a 400,000 square foot Power Center located in
Indio, California and Deer Springs Towne Center a 500,000 square foot Power
Center in the city of North Las Vegas, Nevada. Currently, Mr. Shaul is
overseeing two redevelopment projects owned by Regency: Heritage Plaza in
Irvine and Park Plaza in San Pedro, California.
Mr. Shaul has been with Regency Centers for 3 years and prior to Regency he
was with Westfield Corporation for 4 years. During his time at Westfield he was
responsible for heading the Development Finance Group and working on
regional mall projects including Topanga Plaza and Fashion Square Sherman
Oaks. Mr. Shaul also worked for Arthur Andersen for 7 years in the Real Estate
Consulting and Valuation Group, based in Los Angeles. Mr. Shaul's career
started with CB Richard Ellis' Commercial Appraisal Department.
Mr. Shaul holds a Bachelor of Science in Finance, Real Estate and Law from
California State Polytechnic University, Pomona. He is a member of the
International Council of Shopping Centers.
61
Phil Williams
Senior Project Manager
Los Angeles
Phil Williams is a Senior Project Manager for Regency Centers, a real estate
investment trust (REIT) specializing in developing, owning and operating grocery -
anchored and community shopping centers.
He oversees the management of design, engineering and construction of retail
development and redevelopment of company projects.
Mr. Williams has been in real estate and construction positions for seventeen
years. He has been with Regency Centers since 2007. As a Project Manager,
Mr. Williams has managed multiple commercial construction projects including
retail, institutional, educational, office and industrial properties in Southern
California.
Mr. Williams holds a Bachelor of Science in Finance, Real Estate and Law from
California State Polytechnic College (Cal Poly Pomona), and a Professional
Designation in Engineering and Construction Management from the University of
California, Los Angeles (UCLA).
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