Search
 

Equity One Expands West Florida Presence With $7.25 Mil Purchase of Retail Center

NORTH MIAMI BEACH, FL-The locally-based REIT paid New York-based Ezon Realty $85.29 per sf for the 85,005-sf Shoppes of North Port in Sarasota County, 180 miles northwest of Downtown Miami. Ezon is holding a $4.4 million first mortgage at 6.65% interest for the buyer.

By David C. Kimball | Updated on December 19, 2000

NORTH MIAMI BEACH, FL-Banking on new development and investment niches on Florida’s southwest coast, locally-based Equity One Inc. is growing its portfolio there with the acquistion of Shoppes of North Port, an 85,005-sf retail center in Sarasota County, 180 miles northwest of Downtown Miami. The New York Stock Exchange-traded REIT paid New York-based Ezon Realty $7.25 million or $85.29 per sf for the asset, which is anchored by a Publix Supermarket store and a Beall’s Outlet.

Ezon helped close the sale by taking back a $4.4 million first mortgage at 6.65% interest. The asset has an estimated net operating income of $700,000. To do the deal, Equity One created a new partnership and contributed its interest in the Diana Building, an 18,707-sf retail/office property in West Palm Beach, FL with an estimated value of $2.8 million and a net operating income of $259,000. Ezon can exchange its partnership interest in the new partnership for 261,850 shares of Equity One common stock at a conversion price equal to $11 per share and a corresponding put option at $11 per share.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.