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Equity One Sells Plaza Del Rey for $9M

MIAMI-The local shopping center sold for about $179.48 per sf and Equity One will realize about a $6.2-million gain on the sale. The company bought the 50,146-sf center, built in 1985, in 1991.

By Melissa Bogdany | Updated on July 15, 2004

MIAMI-Equity One Inc., a shopping center REIT based in North Miami Beach, FL, has sold its Plaza Del Rey shopping center in Miami to Betista Investment Corp. of South Florida for $9 million. The price equals nearly $179.48 per sf.Equity One will realize an approximate $6.2-million gain on the transaction in the third quarter. Anchored by a Navarro pharmacy, the 50,146-sf Plaza Del Rey was 100% leased at the time of the sale. The plaza, built in 1985, is located at the intersection of Flagler Street and Southwest 102nd Avenue.”We are pleased to have completed the sale of Plaza Del Rey, the very first property acquired by our company in 1991, and remain committed to an active process of selling non-core assets and recycling the capital into higher growth, urban infill properties in our target markets,” Chaim Katzman, chairman and CEO of Equity One, says in a statement.Equity One’s portfolio consists of 21 million sf in 190 properties mainly in high-growth markets in the southern US.

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