MIAMI-North Miami Beach-based Equity One Inc. has acquired the 298,986-sf Concord Shopping Plaza at 11381 SW 40th St. for $48.4 million, or $218 per sf. The center is 100% leased and is anchored by Home Depot, along with Winn-Dixie, Big Lots and Dollar Tree. Winn-Dixie reported an 11% increase in sales at the center for 2006 year end, a result of the recent restructuring of the company. National tenants occupy 90% of the square footage at the center and comprise 75% of the income.

The center is located in a dense trade area consisting of a population of 202,000 and an average household income of $61,800 within a three-mile radius. "Strong tenant sales, below-market rents and an in-fill location make this acquisition compelling," says Equity One president and CEO Jeff Olson. "In addition, the center is located between two of our existing properties." That, he says, enhances the firm's market presence and produces efficiencies in management and leasing.

Miami Beach-based Terranova's capital markets division, led by chairman Stephen Bittel and commercial associate Scott Rohrbach, represented the seller in the transaction. Terranova was also involved in the sale of the property in 1999 for $20.8 million. "The significant gain in value can be attributed to the great increase in quantity and credit quality of income added by Terranova's leasing and management efforts," Bittel concludes.