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Equity One Adds Three Centers to Portfolio

NORTH MIAMI BEACH-The locally based REIT purchases community shopping plazas in Orlando, Ruskin and Pembroke Pines for $23.4 million. The acquisitions are part of Equity's strategy of acquiring properties adjacent to the company's existing properties or ones that are ripe for redevelopment.

By Natalie Keith | Updated on May 12, 2006

NORTH MIAMI BEACH-Locally based REIT Equity One Inc. has acquired three shopping plazas for $23.4 million. The properties acquired were Alfaya Village in Orlando, Sunpoint Shopping Center in Ruskin and Chapel Trail Plaza in Pembroke Pines.

Doron Valero, president of Equity One, tells GlobeSt.com that the new properties are consistent with the company’s acquisition strategy. “In general we are trying to acquire properties that are adjacent to our existing properties or ones that are good redevelopment opportunities. When you acquire a property next to one you already own, it’s like an extension of your property.”

Alfaya Village is a 39,477-sf shopping center on Colonial Boulevard. It is shadow anchored by a 49,000-sf Super Saver grocery center and sits diagonally across the street from the Publix-anchored Alfaya Commons shopping center. In addition to the $6.8-million purchase of the property, Equity assumed the $4.1-million balance on a 5.99% mortgage loan maturing August 2013. The property was 87% leased at the closing.

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