Equity One also is marketing a second outparcel, which would be about 3,500 sf and an ideal location for a bank, Doron Valero, president and COO of Equity One Inc., tells GlobeSt.com. The development costs of the plaza total approximately $10 million, including costs for the additional 3,500-sf outparcel.
"The location of Plaza Alegre is in one of the highest growth areas in Southwest Miami-Dade," Valero says. "There are hundreds of homes being built within a half-mile radius. Publix opened very well, and the center keeps getting better every day." Upon stabilization, which is expected in the fourth quarter of this year, Plaza Alegre is expected to yield more than 10.5% on projected total costs.
"Our development, acquisition and disposition activities continue to enhance our real estate operations," Valero said in a statement. "Transactions such as (this) further strengthen our supermarket-anchored shopping center franchise in key urban markets in the southern US."
Equity One bought the land for Plaza Alegre, previously a pig farm, in 1996 and has built the center from the ground up. They are also developing a new, 25,000-sf CVS drug store across the street, which is expected to be completed in December.
Equity One, an REIT based in North Miami Beach, FL, has an 18.5 million-sf portfolio that includes 179 properties--122 supermarket-anchored shopping centers, 42 shopping centers anchored by other retailers, eight drug store-anchored shopping centers, five retail developments and two commercial properties. In addition, the company has non-controlling interests in four unconsolidated joint ventures.
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