Shoppes at East Marco Publix takes shape

[thelakelander]

Ever being a glutton for punishment, couldn't help myself, had to go see the new Pbx.  At lunchtime. The parking, including the garage, is very tight and difficult to get in/out of.  Strange to be confined in an elevator, about 6 adults can get on with little space (certainly not 6 feet) in between.  It was different to get onto an elevator with a shopping cart afterwards, but they are freight elevators to handle the load.  When you get off the elevator and get your cart (they have the smaller carts, as well as regular ones). Trying to get the feel of the place and a vague idea what's where, I felt like almost like a chimney swift must feel.

Jax is a bit late to the party but these two-level grocery stores are all over the state now. The model has helped the big boxes expand in denser urban centers all across the country. Gone is the day where we have to level blocks and blocks of the street grid to accommodate surface parking.  It will definitely be a new experience for many Jaxsons. However, this store is likely the first of similar structures that will be built throughout various urban neighborhoods moving forward.

[Charles Hunter]

It's not flooding - it's a Water Feature!

[MusicMan]

Regency was lauded as an "Industry Leader."

No significant price appreciation since my post.  Jan 2019 ....  $65 per share.
Price today...... $65.30 per share

Price per share when they announced this Publix project............... Jan 2006...... $64.63

Wowza!

[jaxlongtimer]

Regency was lauded as an "Industry Leader."

No significant price appreciation since my post.  Jan 2019 ....  $65 per share.
Price today...... $65.30 per share

Price per share when they announced this Publix project............... Jan 2006...... $64.63

Wowza!

I think the story is a bit more complex.

Regency is a REIT (real estate investment trust).  That said, REITs are going to mostly track the real estate market and the economy.  I note the only significant and sustained dips in their stock were the 2008 multiyear real estate recession and COVID.  The stock also has above average dividend yields (currently, about 4%) and such payouts may further limit stock appreciation as the shareholders are taking out value along the way rather than leaving it in the company.

Overall, from what I have read, Regency has outperformed the average REIT over the decades (market may agree given it is trading above the S&P average P/E ratio at 23x).  I understand that the hundreds of shopping centers they own are mostly anchored by Class A grocery stores such as Publix creating superior returns and stability of their portfolio.

[Steve]

Now.....if the parking area flooded with standard rain, that's not ideal, though given the place is still under construction that could be teething issues.

Could still be debris barriers over the storm drains to prevent contamination, but they also slow drainage. There are some significant puddles outside my office, so it may have been more than just a standard rain.

Something like that is my guess. I mean I don't work in San Marco so I don't know how heavy it was, but whatever rain came is likely not unusual for summer in Florida. The point is, I can't imagine there's some fundamental design flaw with the construction.

[thelakelander]

A look inside San Marco's new Publix



After twenty years of planning, Publix has finally opened in San Marco. Join the Jaxson for a virtual walk inside Jacksonville's first two level grocery store.

Read More: https://www.thejaxsonmag.com/article/a-look-inside-san-marcos-new-publix/

[JPalmer]

Regency was lauded as an "Industry Leader."

No significant price appreciation since my post.  Jan 2019 ....  $65 per share.
Price today...... $65.30 per share

Price per share when they announced this Publix project............... Jan 2006...... $64.63

Wowza!

REIT's stock prices should mostly remain stable and the dividend yield is how they provide revenue to stock holders.  I would use the annual dividend yield, not the stock price to determine it's APY performance.

[Charles Hunter]

I guess you took our pictures of the parking garage before the flood? 

[Captain Zissou]

REIT's stock prices should mostly remain stable and the dividend yield is how they provide revenue to stock holders.  I would use the annual dividend yield, not the stock price to determine it's APY performance.

Musicman is just parroting what Sanmarcomatt used to say, so this explanation will likely go over his head.  Starting in 2000 Regency grew their dividend considerably until 2009 when it dropped by about 40%.  They held their dividend constant from 2009-2013.  Since 2013 they have grown their dividend every year since.  However, Musicman wasn't even aware that Regency was a public company until yesterday, so none of this really means anything to him, he's just taking shots at a developer because he thinks being snarky is cool.  He should be cheering for a national developer who is headquartered locally because their success creates jobs for local residents.  At one point Regency was considering moving to Atlanta, but they have since committed to remaining in Jacksonville despite it not being a target metro for investment due to the low market rents.

[Josh]

Now.....if the parking area flooded with standard rain, that's not ideal, though given the place is still under construction that could be teething issues.

Could still be debris barriers over the storm drains to prevent contamination, but they also slow drainage. There are some significant puddles outside my office, so it may have been more than just a standard rain.

It was a heavy rainstorm, but still nothing crazier than what we get a couple of times per summer. It was about an inch of rain.
Something like that is my guess. I mean I don't work in San Marco so I don't know how heavy it was, but whatever rain came is likely not unusual for summer in Florida. The point is, I can't imagine there's some fundamental design flaw with the construction.

[MusicMan]

Well if posting the stock price performance of a publicly traded company is "being snarky" and "taking shots", I guess that's what it is.

Please don't post the same stats for the "shitty" coffee company Starbucks over the same time frame.  That would be "snarky."

[jaxlongtimer]

A look inside San Marco's new Publix



After twenty years of planning, Publix has finally opened in San Marco. Join the Jaxson for a virtual walk inside Jacksonville's first two level grocery store.

Read More: https://www.thejaxsonmag.com/article/a-look-inside-san-marcos-new-publix/

Funny seeing the picture of old San Marco with a Lovett's grocery store in it.  Lovett's became Winn Lovett which became Winn Dixie, still a Publix competitor.  I wonder if Publix realized that when using this picture in their store .  To add more insult to injury, Lovett went on to build the Piggly Wiggly grocery chain which for much of its life was HQ'd in Jax but never could have a store here, supposedly due to a non-compete with Winn Dixie.

[thelakelander]

I'm sure that whatever entity they hired, probably had no clue of the history behind the names in the photo. It was simply an attempt to show San Marco Square of the past.

[Steve]

Flooding seems like teething issues:

https://www.jaxdailyrecord.com/article/san-marco-publix-flooding-regency-centers-working-to-make-sure-we-dont-see-this-again

[thelakelander]

Doesn't sound like much of an issue. It was dry by the evening of opening day.