The center is anchored by a new 74,267-sf H-E-B grocery store. Other tenants include Starbuck's, Hollywood Video, a Sprint retail store and locally based retailers. The 98.6%-occupied center generates annual net income of about $1.6 million.
The purchase includes six acres of contiguous land, which can accommodate another 40,000 sf of retail development. A Lowe's Home Improvement Warehouse is on adjoining property, but not part of the center.
Equity One also recently purchased the Salerno Village shopping center in Port Salerno, FL. In San Antonio, it also owns the Bandera Festival shopping center, bought in September 2001, and the Wurzbach shopping center, bought in August 2000.
While the Village at Blanco has H-E-B as an anchor, Equity One's other two centers have lost their anchors in recent months. The Kmart at the Bandera Festival center closed as did the Albertsons grocery at Wurzbach. Equity One owns community and neighborhood shopping centers anchored by national and regional supermarket chains and retailers such as drug stores or discount retail stores.
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