Equity One Nets $130M in Centers Transfer

Carl Cronan is editor of Real Estate Florida.

NORTH MIAMI BEACH, FL-Equity One Inc. is putting seven shopping centers, including five in South Florida, into its existing joint venture with Global Retail Investors LLC in a transaction valued at $197.4 million. Equity One expects to realize net proceeds of $129.8 million from the transaction while retaining 10% ownership in the properties.

Proceeds from the transfer will be used for various corporate purposes such as existing development and redevelopment projects, decreasing leverage, and to fund opportunistic acquisitions, according to a press release. Equity One will continue to lease and manage all seven properties, a company spokeswoman tells GlobeSt.com.