The supermarket-anchored property was 98% leased at press time. Tenants include a 65,537-sf Publix supermarket, a 32,150-sf Office Depot, a 30,000-sf Ross Dress for Less, a 30,000-sf Bed, Bath & Beyond (set to open this October), a 9,504-sf Eckerd drug store and a 39,913-sf, 12-screen AMC theater. In addition, more than 200,000 sf of space at the center is leased to national and local tenants, such as Wendy's, Chili's, Burger King, Starbucks, Einstein Bagels, Radio Shack, three banks and several medical practitioners.
Sheridan Plaza is located on 46 acres at Sheridan Street and 56th Avenue, about two miles west of Interstate 95. The property, built in 1973, was redeveloped in 1991. It can accommodate another 3,000-sf outparcel.
BlackRock Realty Advisors represented the seller in the transaction.
This acquisition is part of Equity One's efforts to acquire huge supermarket-anchored retail centers and big portfolios of shopping centers in the southern part of the country.
"This acquisition marks our continued effort to acquire larger, more dominant, supermarket-anchored properties and retail portfolios in urban areas of the southern United States," Chaim Katzman, chairman and CEO of Equity One, says in a statement.
"Sheridan Plaza is the dominant retail center in the Hollywood section of Broward County and its acquisition reinforces our position as the leading owner of supermarket-anchored shopping centers in the state of Florida, as well as the only publicly traded REIT focused exclusively on the ownership of retail centers in the high-density areas of the southern United States," Katzman said.
This acquisition is Equity One's first retail center acquisition since acquiring IRT Property earlier this year. Sheridan Plaza also is part of Equity One's plans to spend at least $130 million on acquisitions this year, according to an Equity One spokeswoman. Equity One, a publicly traded retail real estate investment trust, owns 179 properties in 12 states and has a 19 million-sf portfolio.
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