Equity One Shells Out $75.3M for 451,587-SF Power Center

HOLLYWOOD, FL-Equity One Inc., based in North Miami Beach, has purchased Sheridan Plaza, a 451,587-sf local retail power center for $75.3 million. The seller was an institutional client of RREEF, a full-service real estate investment adviser. The sale price equates to approximately $166.74 per sf for one of the biggest open-air retail centers in Florida.

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.