Lisa Palmer

Lisa Palmer is making the right moves at the right time throughout Southern California.

As the head of one of the largest owners of grocery-anchored shopping centers in the U.S., Lisa Palmer is expanding Regency Centers’ already expansive portfolio in one of the country’s most supply-constrained but high-income markets. 

In a landmark deal in July, Palmer’s firm spent $357 million to acquire five Orange County shopping centers totaling 630,000 square feet and anchored by Trader Joe’s, Gelson’s, Stater Bros. and Albertsons. The portfolio boasts a 97 percent occupancy rate, and the deal marked the largest pure retail property trade in O.C. history, according to CoStar.

It’s more evidence that select brick-and-mortar retail strategies are roaring back, with strong fundamentals and tenant demand driving major investment.

“This transaction checks all of our boxes,” Palmer said during the company’s second-quarter earnings call. “It’s accretive to earnings, quality, and growth — while enhancing our presence in this supply-constrained Southern California market.”

Regency Centers also has big developments and redevelopments underway in Southern California. In late 2024, Regency unveiled a renovated Circle Marina Center in Long Beach with a Sprouts Farmers Market. Weeks later, the real estate investment trust introduced San Diego County’s first Amazon Fresh grocery store at its Twin Peaks center in Poway.

“These are necessity-driven locations with limited supply and strong trade area demographics. That’s where we win,” Palmer said on the call.

Regency Centers now has 46 open-air retail centers in Greater Los Angeles, Orange County and San Diego. The big addition in O.C. was almost perfectly in line with the REIT’s national portfolio: 96.5 percent occupancy, with anchor spaces at 98 percent leased.

“On the operating side, we’re having a phenomenal year. We continue to outperform on all metrics, demonstrated by strong same-property NOI growth and total NOI growth,” Palmer said on the earnings calls, using the acronym for net operating income. “In the second quarter, we had great success, commencing rents for tenants in our [signed not operated] pipeline, achieved record low shop move-outs, and sustained robust leasing activity with strong rent growth.”