By Andrew Metcalf, Bethesda Magazine
The Jacksonville-based shopping center company Regency Centers announced this week it would purchase the real estate company Equity One, which for the past four years has been pursuing a plan to redevelop the area that includes the Westwood Shopping Center in Bethesda’s Westbard neighborhood.
Regency agreed to purchase Equity One, based in New York and Miami, for about $5 billion in the deal that will make the combined company one of the nation’s largest shopping center investors, according to The Wall Street Journal. The two companies would have a combined portfolio of 429 properties located mostly in high-density and wealthy areas.
The combined company will retain the Regency name and be based in Jacksonville, according to a news release.