Centrecorp, an affiliate of Centrefund Realty (U.S.) Corp., Boca Raton, is merging with North Miami Beach-based Equity One Inc. in a deal expected to close Sept. 3.
The property no longer fit the typical profile of an Equity One property, Alan Merkur, Equity One director of acquisitions, tells GlobeSt.com. Merkur, who confirmed the sale price, doesn't anticipate further sales of Centrefund properties on the scale of Harbour Financial.
"Harbour Financial was not really our core business, which is, though not 100% exclusively, grocery-anchored shopping centers," Merkur says.
Equity One retained Steve Miskew and Bob Sullivan of Boca Raton-based RJS Realty Group Inc. to broker the acquisition.
"It is an established property strategically located just east of the upscale Gardens Mall on PGA Boulevard, in northern Palm Beach County's hottest development corridor," Miskew says.
The center is roughly 95% occupied, according to information published on the Equity One Internet Website. Principal tenants include Carmines Gourmet and Comerica Bank.
Constructed in 1986, the property is composed of several one-story and two-story Mediterranean-style buildings replete with barrel tile roofs and stone walkways.
LenDan is a private investment partnership managed by Leonard Sassa and Dan E. Young.
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