Equity One Pays $7M for Venice Shopping Center

VENICE, FL-Equity One Inc., a North Miami Beach-based shopping center REIT, has acquired Venice Shopping Center here for $6.5 million, or approximately $58.07 per sf.The 111,933-sf shopping center is anchored by a Publix supermarket, which occupies 44,271 sf, as well as a Beall’s Outlet, Dollar Tree and Wachovia Bank. The center, which has 24,724 sf of local space, is 91% leased. It is located on 11.3 acres at South Tamiami Trail and Palermo Place. Venice Shopping Center was completed in 1968 and renovated substantially in 2000.Equity One funded this acquisition with cash on hand from part of the net proceeds from a recent sale of senior, unsecured notes.”Venice Shopping Center is an excellent addition to our portfolio, with a dominant supermarket anchor in a demographically strong, urban, infill location,” Chaim Katzman, chairman and CEO of Equity One, says in a statement.Equity one owns 84 properties totaling 9.3 million sf in Florida. In all, Equity One owns 188 properties aggregating 20.2 million sf.