Search
 

Equity One Enters Area With $120M Portfolio Acquisition

CAMBRIDGE, MA-Charlesbank sells its six grocery-anchored, retail properties in the Boston metropolitan area to Equity One. The company paid $120 million for the 390,979-sf portfolio.

By Naomi Grossman | Updated on August 18, 2004

CAMBRIDGE, MA-Equity One Inc. entered into a definitive agreement to purchase six grocery-anchored, retail properties in the Boston metropolitan area from Charlesbank, LLC. The North Miami Beach, FL-based company, which until now has focused on community and neighborhood shopping centers in the south, paid $120 million for the 390,979-sf portfolio. The deal is expected to close on or before Sept. 30.

Charlesbank was prepared to take $80 million for the properties a few years ago but, in a move that proved to be prescient for the firm, it pulled out of that deal at the last minute, says James Koury, a senior vice president at Spaulding & Slye Colliers who specializes in retail properties. He tells GlobeSt.com that it is over the past few years that the value of supermarket-anchored centers have gone up.

“The valuation of these centers is peaking now,” he notes. “They will probably come down to historic norms soon.” Koury points out that these types of properties are considered core assets and tend to hold their value better than other types of properties; but he adds that the Charlesbank portfolio was bought at the height of the market and while there is some possibility to add value to the centers, it isn’t much.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.