A commercial real estate company is breaking into the Utah market with a major purchase in Uintah County. Regency Properties owns properties in 15 states and recently acquired the Vernal Towne Center which adds 161,695 square feet of property to the company’s portfolio. The Vernal Towne Center was built in 2013 and despite downturn in recent years, the shopping center maintains an over 90 percent occupancy rate. “Expanding to Utah is a great step in creating a national platform for our unique expertise as a retail property management company specializing in county seat communities,” shares senior vice president Jeff Howell. “We currently have a strong presence in the Midwest and Southeast and are excited to expand our footprint to the Western United States.” In the announcement, the company emphasized the Towne Center’s strong points stating that the shopping center benefits from visibility along Highway 40 which averages a traffic count of 24,585 cars per day.
