Thank you for inviting us to respond to the Great Park RFP and for allowing us to showcase our unique ability to develop best-in-class neighborhood shopping centers. Our team has been hard at work designing a destination that will perfectly harmonize with this award-winning community. By the end of this response, I’m confident you will agree that Regency is the most qualified and financially secure developer.
Our strengths are simple:
n No financing contingency. We are an all-cash buyer and developer, evidenced by our letter from Michael Mas, Regency Centers’ CFO.
n We have a fully negotiated and signed letter of intent with Stater Bros. to anchor the project with a 45,000 SF flagship store. This same format performs exceptionally well at the nearby Village at Tustin Legacy, a shopping center recently developed by Regency.
n We are vertically integrated with in-house experts in entitlement, leasing, and construction who are ready to get to work immediately.
n We are not “flippers.” We build our projects to last and plan to own all our developments long-term.
Great Park is the type of opportunity Regency is made for! Choosing Regency chooses quality and stability for the project, its tenants, and the community.
Thank you again for your consideration, and we look forward to working with you and FivePoint on this project!
Sincerely,
John T Mehigan Senior Vice President, Investments - West
915 Wilshire Blvd , Suite 2200 Los Angeles, CA 90017
213 553 2273 | johnmehigan@regencycenters.com
The Vision
The Vision: A Residential Amenity
Great Park is a unique residential destination
We use our Fresh Look® strategy to help execute our company’s Vision: to elevate quality of life as an integral thread in the fabric of our communities.
We will use our expertise to add amenities at this center, creating a flourishing atmosphere for dining, shopping, and gathering with friends and family.
PLACEMAKING
While our expertise is retail, we firmly believe that the best centers are those that actively reflect the lifestyles and needs of their neighbors. Great Park will be inclusive, sustainable, and—most of all—an enjoyable experience for merchants, shoppers, and guests.
Village at Tustin Legacy | Tustin, CA
The Vision: Connecting
Connecting with the community is at the heart of our Core Values
We start with a vision and add relevant elements for the surrounding neighborhoods.
Our designs include pedestrianfriendly sidewalks that connect residential and retail spaces, community gathering and seating areas, and easy ingress/egress.
ATMOSPHERE
Our properties are reflective of the communities they serve. Everything from architecture to walkability is designed to ensure it feels like an organic extension of the neighborhood. This visual and interactive distinction promotes foot traffic and enhances the atmosphere for our guests.
Westlake Plaza | Westlake Village, CA
Village at La Floresta | Brea, CA
The Vision: Merchandising
At our core, we are patient owners with a long-term view and responsible stewardship
This year marks six decades of retail expertise with some of the deepest relationships found nationally. We know real estate teams on a first-name basis and can be choosy with whom we bring to Great Park.
MERCHANDISING
We have been the owner-of-choice for some of the most significant new-market entrées, from national brands to countless locally-owned retailers. This is due to our tireless commitment to their success and a lineup of local experts who know how to walk the quickest path to “yes” on any journey.
Our team will carry the unified vision of this property to source the best options to ensure the merchandising mix is one of several major draws to the neighborhood.
Village at La Floresta | Brea, CA
Westlake Plaza | Westlake Village, CA
Relevant Experience
Relevant Experience
Village at La Floresta
Brea, CA • 86,969 SF
Ground-up development in a master-planned community located on the desirable Imperial Highway. With a solid retail mix, center-sponsored Wi-Fi throughout, and topof-the-line restaurants, all anchored by a two-level Whole Foods Market, Village at La Floresta has something for everyone in the multi-generational community it sits.
VillageAtLaFloresta.com | Video
Start: December 2014
Completion: June 2016
COMMUNITY ACCESS POINTS
Village at Tustin Legacy
Tustin, CA • 112,084 SF
ShopVillageAtTustinLegacy.com
Relevant Experience
Village at Tustin Legacy
Tustin, CA • 112,084 SF
At the core of Orange County’s master-planned Tustin Legacy community, The Village at Tustin Legacy provides a much-anticipated destination for daily needs, dynamic dining and desired services, adjacent to a 150,000 SF medical campus.
The center features outdoor patios connected by wide pathways, tall ceilings and windows set against deep steel-accented wood, accessible parking and convenient amenities.
ShopVillageAtTustinLegacy.com
Start: August 2016
Completion: December 2017
The Project
The Project: Connecting to the Neighborhood
Our goal is simple: we will create a “second home” for Great Park neighbors and their guests
POISED FOR SUCCESS
Our approach has made us the nation’s top owner, operator, and developer. There is no development or execution hurdle we haven’t encountered in our 60 years of experience. We have effectively and creatively executed our development platform through several real estate cycles. We are more than just the builders; we are your partners in Great Park’s success every step of the way.
The Project: Great Park Center Design
Great Park Blvd. Ridge Valley
The Project: Our Fresh Look® Strategy
Merchandising
We blend best-in-class local merchants with top national retailers in a considerate, curated, and calculated merchandising strategy. Each retailer will be carefully chosen to match the essential needs and desires of every Great Park resident.
The Project: Our Fresh Look® Strategy
Placemaking
The perfect retail shopping environment is a physical reflection of what makes the surrounding areas unique while providing optimal walkability and access. We will create moments throughout the center that allow Great Park residents and guests to feel at home and have a sense of place when they visit their neighborhood shopping center.
The Project: Our Fresh Look® Strategy
Connecting
We’re people people. We actively engage with local communities through special events, charitable initiatives, and social media best practices to create a unique touch-point between our retailers and their shoppers. We will use the physical space to create an additional layer of connection for Great Park residents through expertly crafted access points and a design that encourages walkability.
March 23, 2023
Mr. John Read
Mr. Jeff Nichols
CBRE
3501 Jamboree Road, Suite 100
Newport Beach, CA 92660
RE: Offer to Purchase
Great Park Retail Site
SEC of Great Park Blvd and Ridge Valley Irvine, CA
Gentlemen,
Thank you for the opportunity to respond to the Request for Proposal for the Great Park Retail Site. The team at Regency Centers is excited about this unique opportunity and we believe we are the perfect partner for you because of the following:
• No financing contingency. All cash buyer and developer.
• We have a fully negotiated and signed letter of intent with Stater Bros.
• Vertically integrated with in-house experts in entitlement, leasing, and construction who are ready to get to work immediately.
Below are the terms in which Regency Centers would like to move forward with a purchase of your property.
1. Property: Approximately 8.7 Acres at the SEC of Great Park Boulevard and Ridge Valley.
2. Purchase Price: The Purchase Price shall be Fourteen Million Dollars ($14,000,000).
3. Initial Deposit: A Five Hundred Thousand Dollar ($500,000) deposit in cash will be deposited in escrow, as and “Earnest Money” deposit, within three (3) business days following the mutual execution of the Purchase Agreement. The Earnest Money shall be refundable prior to the expiration of the Due Diligence Period (hereinafter defined), and non-refundable following the expiration of the Due Diligence Period except in the event of a failure of a condition to close set forth in the Purchase Agreement or in the event of a Seller default. The Earnest Money shall be applied to the Purchase Price at the Closing. In the event of Regency’s default under the Purchase Agreement, the Earnest Money shall constitute liquidated damages, which shall be the sole and exclusive remedy of Seller.
4. Due Diligence: Buyer will have 30 days to perform Due Diligence including
a) Title: Buyer shall have the right to review and approve a current preliminary Title Report and all exceptions thereto.
b) Physical Inspection: Buyer shall have the right to conduct such soil tests, engineering studies and such feasibility and other studies regarding the condition of the Property as it considers prudent.
c) Environmental: Buyer shall have the right to conduct an environmental inspection of the Property as Buyer determines is prudent
d) Governmental Regulation: Buyer shall have the right to meet in person with City Officials and Seller to discuss the Entitlements process and strategy.
e) Site Plan: Buyer shall have the right to submit a site plan and any other necessary items to the City of Irvine, CA.
5. Closing: “ Close of Escrow” shall occur thirty (30) days after receipt of nonappealable entitlements and building permits from the City of Irvine.
6. Brokerage: Buyer has not engaged a real estate broker in this transaction
7. Good Faith and Upon Seller’s acceptance of this Letter of Intent, the parties agree to Exclusivity: work in good faith to negotiate and execute a Purchase Agreement. Seller agrees that until thirty (30) days after the earliest of (i) the acceptance of this Letter of Intent by Seller, or (ii) the written termination of this Letter of Intent by Regency, Seller will not negotiate or accept any offers to purchase the Property or any part thereof from any other person or entity. The provisions of this paragraph are intended to be and shall be binding upon the parties.
Except with respect to Section 7 above, it is expressly understood and agreed by both parties that the foregoing proposal constitutes an outline for discussion purposes only with respect purchasing the above-referenced property and does not create any contractual rights or obligations on the part of either party. Significant additional terms and conditions of the purchase agreement are yet to be negotiated and neither party is obligated to continue such negotiations. Except with respect to Section 7 above, in no event shall any contractual rights or obligations exist until such time as a purchase agreement is fully executed and delivered by both parties. Accordingly, the parties agree not to rely on the terms of this letter and that any obligation incurred, funds spent and business opportunities lost are at each party’s sole risk.
If the foregoing outline of the basic terms and conditions of the contemplated transaction are acceptable as the basis for negotiations, please have the appropriate party execute the enclosed copy of this letter and return it to the undersigned. We look forward to working with you to successfully complete this transaction.
Very truly yours,
REGENCY CENTERS ACQUISITION, LLC
John T Mehigan Senior Vice President, Investments - West
cc:
Patrick Conway – Managing Director, West and Chris Sanchez – VP, Market Officer
Approved By:
Seller Signature: Date:
Project Timeline
Execution of Contract April 1, 2023
End of Due Diligence Period May 1, 2023
Close of Escrow
November 1, 2023
Construction Begins March 1, 2024
Grand Opening May 2025
14,000,000
6,173,454
2,660,000
Qualifications and Interest
Financial Strength
Regency Centers is an all-cash buyer and builder. There will be zero requirements to bring in additional equity partners or source a construction loan. There will be no financing contingencies. Our fortress balance sheet is one of our key strengths, and has enabled us to build over $4 billion of new, ground-up projects since 2000
Publicly Traded REIT
$14B+ Market Cap
$1.2B Line of Credit ($0 Bal)
$150M Cash Reserves
Our financial strengths enable a flexibility and strength not found elsewhere. We are not property flippers, and take the long-term stewardship of our properties seriously and with great consideration. This ethos provides a value-add to the project and its partners for ease of mind throughout the entire process.
AT A GLANCE
A collection of more than 400 properties in nearly every major market across the nation
Regency Centers began in 1963 with one property from one determined husband and wife team in Jacksonville, Florida. Their efforts brought the first regional shopping mall to the southeast. Today, Regency is a collection of more than 400 properties in nearly every major market across the nation. 400+ Centers
22 Market Offices
242 Shopping Centers Developed Since 2000
130,000
8,000+ Tenants
$126,000
Vertically-Integrated Development Team
Regency’s in-house development team includes entitlement experts, construction management professionals, leasing, legal, and financial services. John Mehigan will be your primary point of contact throughout the project, with Steve Felderman managing the project through construction. The Regency team will use project management tools and stay in constant contact with the sellers throughout the project to ensure transparency, efficiency, and speed.
We will hire best-in-class consultants to design and entitle the project and a reputable and fully bonded general contractor to build it. The team we assembled has previously worked together at our Village at La Floresta project anchored by Whole Foods in Brea.
For this RFP response, we have engaged with AO Architects, a firm who has designed several projects for us in California.
John Mehigan Senior Vice President, Investments - West
Vice President, Project Management
Vice President, Market Officer
POINTS OF CONTACT
Chris Sanchez
Steve Felderman
Village at Tustin Legacy Groundbreaking
Your Local Regency Team
Nick Wibbenmeyer Executive Vice President, West Region President
John Mehigan
Senior Vice President, Investments - West
Patrick Conway Managing Director, West Region
Chris Sanchez Vice President, Market Officer
Steve Felderman Vice President, Project Management
Chase Campbell Senior Project Manager
Dave McNulty Vice President, Financial Services
Laura Borenstein-Hofman Regional Property Manager
Erin Saltzman Senior Leasing Agent
Your Local Regency Team
Nick Wibbenmeyer Executive Vice President, West Region President San Diego Office
Nick is responsible for national investment and development strategy and processes, as well as overseeing our West and Central regions.
Nick joined Regency in 2005 as Manager of Investments for the upper Midwest. He became Vice President of Investments in 2007, Vice President, Regional Officer in 2008, and Senior Vice President, Senior Market Officer in 2014. Most recently, Nick served as Managing Director of Florida and the Midwest Region. He has been involved in the development and redevelopment of more than 1 million square feet of retail. Nick was recognized with Regency Centers’ highest honor, The Martin E. Stein, Sr. Award in 2013, recognizing his business acumen and ethical standards.
Before Regency, Nick was a retail broker with Mid-America Real Estate Group, handling tenant representation and shopping center leasing throughout the Chicago metropolitan area.
Nick received his Bachelor of Business Administration from The University of Notre Dame and is an avid fan of the Fighting Irish football team. Nick enjoys spending time with his family, as well as traveling and playing golf.
regencycenters.com/employee/1257/Nick-Wibbenmeyer
Your Local Regency Team
John Mehigan
Senior Vice President, Investments - West Los Angeles Office
John oversees the investments platform for Regency’s West Region, responsible for all development activity and major redevelopments throughout Arizona, California, Oregon, and Washington.
John has 20 years of experience in retail, commercial real estate. John began his career for CB Commercial as a retail broker focusing on ground-up development. He subsequently worked as a Senior Development Manager for Panattoni Development in Orange County.
Previously at Regency, John held the title of VP Investments where he ran the development team for Southern California. In 2014 he completed the Juanita Tate Marketplace, a 90,000 SF center in south LA anchored by Northgate Market and CVS Pharmacy. In 2016 John delivered The Village at La Floresta in Brea, an 87,000 SF boutique neighborhood center anchored by Whole Foods. He recently completed The Village at Tustin Legacy in Tustin, a 20-acre community center anchored by Hoag Hospital, Stater Brothers, CVS Pharmacy, and HealthSouth.
John earned his Bachelor of Science and an MBA from the University of Southern California in Los Angeles. In his spare time, John enjoys spending time with his wife and three children.
regencycenters.com/employee/1734/John-Mehigan
Patrick Conway Managing Director, West Region Los Angeles Office
Patrick oversees the leasing, operations, development, and acquisitions in Regency’s West Region.
Patrick oversees a portfolio of 92 operating properties and new developments, totaling over 13 million square feet in Arizona, California, Oregon, and Washington.
Patrick joined Regency as Vice President in 2011. He has built 20 years of experience in the real estate industry, specializing in development, redevelopment, anchor and small-shop leasing.
Previously, he served as Director of Development for Duckett-Wilson Development Company.
Patrick earned his Bachelor of Science in business from the University of Southern California. Patrick enjoys coaching his three children in various sports, plays in basketball and softball leagues, and likes to get in a round of golf when he can.
regencycenters.com/employee/1797/Patrick-Conway
Your Local Regency Team
Steve Felderman Vice President, Project Management
Los Angeles Office
Steve is responsible for overseeing and managing the development activities in the California geographic region.
Steve provides advice, technical advice, and expertise on proposed projects while supervising and leading a team of construction professionals. He has been in the commercial real estate industry for over 30 years. His focus has been on development and construction areas and has managed over 10 million square feet of retail projects.
Previously Steve held similar positions with Seritage Growth Properties and CIM Group.
Steve earned his Bachelor’s degree from UCLA. He enjoys time with his wife and two adult sons, traveling, and the occasional car show. regencycenters.com/employee/2825/Steve-Felderman
Chase Campbell Senior Project Manager
Los Angeles Office
Chase is responsible for the day-to-day management of construction and development projects in Los Angeles and the Southern California Region.
Chase provides direction and oversight to the A/E and Construction Teams; and is directly involved with the projects from pre-development through the completion of construction.
Chase joined Regency Centers in 2022 as a Sr. Project Manager, bringing 21 years of retail/commercial development experience. Previously, Chase was the Regional Construction Manager for ALDI and Project Manager/Estimator for a general contractor.
Chase holds an MBA from the University of California, Irvine, and a BA in History from the University of Utah. He enjoys travel, fly-fishing, backpacking, coaching baseball, and volunteering as a Board member for his local Little League.
Your Local Regency Team
Chris Sanchez Vice President, Market Officer
San Diego Office
Chris oversees leasing, asset management, and operations for a portfolio of 11 properties encompassing more than 1.7M SF in Southern California.
He is also responsible for sourcing and executing on all new developments, significant redevelopments, and acquisitions throughout Southern California and Phoenix, Arizona.
Chris has held numerous roles on the leasing team since joining Regency in 2015, growing his leasing acumen, responsibilities, and relationships throughout Southern California. As a Senior Leasing Agent, he was responsible for leasing over 25 shopping centers totaling 3.2M square feet and also managed outparcel pad building redevelopments and major placemaking projects.
Chris earned his Bachelor of Science, Financial Services degree from San Diego State University. He is an active member of ICSC and NAIOP.
When Chris is not working, he enjoys spending time at the beach with his wife and two children, attending San Diego State University basketball and football games, playing golf, and venturing to the mountains on the occasional ski trip.
regencycenters.com/employee/2002/Chris-Sanchez
Dave McNulty Vice President, Financial Services
Jacksonville Office
Dave oversees the underwriting and operational analysis, reporting and forecasting teams for the Central region in the U.S.
Dave joined Regency’s Due Diligence group in 1996 and moved to Vice President of Investments in 2005. Dave joined Wells Fargo as Vice President of Commercial Real Estate Owned (REO) in 2007 and rejoined Regency in 2013 under his current position.
Dave graduated from Florida State University with a Bachelors of Science in Accounting. Before working at Regency, Dave worked with KPMG’s audit department in Jacksonville.
Dave has lived in Jacksonville since graduating from college and has been married for 25 years with three beautiful children. For the past ten years, he and his wife have owned and managed the Irish pub Fionn MacCools, located in Ponte Vedra.
regencycenters.com/employee/2116/Dave-McNulty
Your Local Regency Team
Laura Borenstein-Hofman
Regional Property Manager
San
Diego Office
Laura manages our Lower Southern California portfolio, consisting of 2.4M SF of retail space from San Diego to Huntington Beach.
Laura joined Regency in 2011 after previously managing an exclusive pier and pool resort in Lake Tahoe.
She earned her Bachelor’s Degree in Psychology from the University of California San Diego. Laura is also an active member of ICSC (CSM designation). She also volunteered on the planning committee for San Diego’s ICSC Next Gen events for many years.
Laura and her husband, Jeroen, have been married for 11 years and spend their weekends trying to keep up with their two young children at the soccer field or hiking as a family with their two dogs.
Erin oversees the leasing transactions for 28 Southern California shopping centers totaling over 3.5 million square feet.
Erin joined Regency in 2015 as a Leasing Agent.
She earned her Bachelor’s degree in Psychology and Sociology from the University of Washington Seattle in 1997 and played Division 1 soccer for the University of Washington.
Erin and her wife live in Sherman Oaks, California, with their 10-year-old daughter Rylan. She enjoys running, traveling, entertaining, and watching and playing all sports. She especially loves watching her daughter play softball, tennis, and swimming.
regencycenters.com/employee/1974/Erin-Saltzman
REFERENCES
David Crabtree
Former City of Brea Community Development Director
714 404 1457
davidcrabtreetc@gmail.com
John Buchanon
Former City of Tustin Community Development and Economic Development Manager
949 422 1976
john@p2readvisors.com
Mike Reed
Senior Vice President Property Development and Finance — Stater Brothers
909 677 3995
michael.reed@staterbros.com
LEGAL COUNSEL
Robert Madok Attorney
Kennerly Lamishaw & Rossi LLP 707 Wilshire Blvd., Suite 1400 Los Angeles, CA 90017
213 312 1250
robertmadow@klrfirm.com
Site Visitation and Approval
Your Local Regency Team (l-r)
Laura Borenstein-Hofman - Regional Property Manager
Chris Sanchez - Vice President, Market Officer
Steve Felderman – Vice President, Project Management
John Mehigan – Senior Vice President, Investments - West
Nick Wibbenmeyer – Executive Vice President, West Region President
