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JV Pays $53M for 3 South Florida Properties

MIAMI-It's the first purchase between Equity One and an affiliate of DRA Advisors.

By Crystal Proenza | Updated on August 21, 2008

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-In its first acquisition, a joint venture between locally based Equity One Inc. and an affiliate of New York City-based DRA Advisors LLC has purchased a three-property value-add package in South Florida. The $53-million deal includes shopping centers in Plantation and Margate and a three-building office asset in Boca Raton.

The properties were encumbered by a $38.9-million loan, which the buyer assumed, says John Bell, managing director of DTZ Rockwood’s Miami office, who represented the seller in the transaction. The seller, Los Angeles-based Gehr Development, sold the assets to focus on properties that are closer to home and less management intensive, Bell tells GlobeSt.com, adding that all three properties have occupancy challenges.

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