Three Centers to Become One in Connecticut
In a move that promises to reshape the retail landscape of Westport, Connecticut, Compo Shopping Centers is set to undergo a significant transformation. Presently, this shopping landmark boasts 76,000 square feet of retail space across two separate entities. However, it’s poised for a remarkable integration with an adjacent shopping center, creating a unified and expansive retail hub.
Regency Centers, a prominent figure in the realm of grocery-anchored and open-air shopping centers across the United States, has recently acquired Compo Shopping Centers. The plan involves merging Compo I & II with the neighboring Compo Acres. The culmination of this integration will see the birth of the new Compo Acres Shopping Center, a near 120,000 square feet consortium of retail outlets positioned strategically along Post Road, a stone’s throw from downtown Westport.
The initiative underscores Regency Centers’ acumen in identifying and harnessing opportunities within vibrant community settings. Jack deVilliers, the senior market officer and senior VP at Regency Centers, expressed enthusiasm about the venture, highlighting the synergy between the company’s strategic mastery and the dynamic Westport market. “This center is a natural fit into Regency’s expertise and ability, not to mention our existing center across the street,” deVilliers noted. “The communities, the quality of centers, and the opportunity to bring a time-tested strategy to those environments is what we pride ourselves on. It’s why we planted our flag here and continue to call this place home.”
The Compo Shopping Centers, currently anchored by a CVS Pharmacy, host a diverse array of services and retail offerings, including banks, restaurants, fitness centers, and a nail salon. This wide-ranging tenant mix is poised to become even more robust with the integration of Compo Acres, enhancing the shopping experience for the Westport community and its visitors.
Touching on the legacy of the newly acquired property, Barry Argalas, managing director of transactions for Regency Centers, remarked, “Compo Shopping Center has been family-owned for three generations and we look forward to being the next steward of this asset.” Regency Centers aims not only to maintain the center’s longstanding community connections but also to seek further acquisition opportunities that align with their strategic investment plans.
With a portfolio that includes managing and owning 482 centers, spanning over 61 million square feet of retail space across the United States, Regency Centers continues to distinguish itself in the retail real estate sector. The transformation of the Compo Shopping Centers into the Compo Acres Shopping Center represents another milestone in their commitment to enhancing the retail experience in engaged community settings.
The integration and rebranding of these centers into a single, unified shopping destination will likely boost local commerce and provide an enhanced shopping environment for residents and visitors alike. As Regency Centers strides forward with this project, the Westport retail landscape is set to enter an exciting new era of growth and community engagement.
