Wednesday, May 17, 2006

Equity One Adds Three Centers to Portfolio

NORTH MIAMI BEACH-Locally based REIT Equity One Inc. has acquired three shopping plazas for $23.4 million. The properties acquired were Alfaya Village in Orlando, Sunpoint Shopping Center in Ruskin and Chapel Trail Plaza in Pembroke Pines.

Doron Valero, president of Equity One, tells that the new properties are consistent with the company’s acquisition strategy. “In general we are trying to acquire properties that are adjacent to our existing properties or ones that are good redevelopment opportunities. When you acquire a property next to one you already own, it’s like an extension of your property.”

Alfaya Village is a 39,477-sf shopping center on Colonial Boulevard. It is shadow anchored by a 49,000-sf Super Saver grocery center and sits diagonally across the street from the Publix-anchored Alfaya Commons shopping center. In addition to the $6.8-million purchase of the property, Equity assumed the $4.1-million balance on a 5.99% mortgage loan maturing August 2013. The property was 87% leased at the closing.
Sunpoint Shopping Center is a 132,374-sf shopping center on State Road 674/College Avenue. It is anchored by a 30,625-sf Bealls, a 10,356-sf Goodwill and a 9,500-sf Dove Carpets. The property sold for $7.7 million and was 72% leased at the time of closing.

Chapel Trail Plaza is a 56,378-sf shopping center on Pines Boulevard. At the time the plaza was put under contract for sale, it contained a vacant 51,703-sf anchor store. Before the sale closed, Equity signed a lease with L.A. Fitness to occupy the space. The shopping center is located just east of the Publix-anchored Shoppes of Silverlakes, which Equity owns.


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