JV Buys $402M TX Assets

NEW YORK CITY-Investcorp, based here, and Equity One Inc. have teamed up in a deal to acquire 30 Equity One-owned properties in Texas for approximately $402 million. The properties aggregate approximately 2.9 million sf. Properties involved in the deal include the 298,354-sf Westgate in Houston, the 195,438-sf Bandera Festival in San Antonio and the 146,953-sf Townsend Square in DeSoto.

The North Miami Beach, FL-based-Equity One had 32 properties in the state. Under a separate 15-year agreement, a subsidiary of the firm will handle the management and leasing for the properties in the joint venture. Equity anticipates net proceeds will be $327 million once the deal closes in the second quarter.