MIAMI-Equity One inked a joint venture with New York Common Retirement Fund to acquire high quality, grocery-anchored centers across the United States. CRF owns 70% of the joint venture and Equity One owns 30%.
“This venture provides us with a highly regarded capital partner who shares our long term perspective on the ownership of institutional quality shopping centers,” says Jeff Olson, CEO of Equity One. “This new alliance will enable us to continue our strategy of upgrading and diversifying our portfolio into the most densely populated, supply constrained markets of the country.”
As its first market move, the JV partners acquired two Publix-anchored shopping centers--Country Walk Plaza in Miami and Veranda Shoppes in Plantation--from Equity One for a purchase price of $39.4 million. Collectively the centers were 96.7% occupied at March 31, 2011. LaSalle Investment Management advised CRF.
Equity One has been the most active purchaser of high quality retail centers in South Florida for many years, including recent acquisitions of Country Walk Plaza and West Bird Plaza in 2010, notes Anthony Blanco, co-managing partner at Plaza Advisors, who worked on those two deals. Equity One’s property portfolio has 201 properties spanning 20.8 million square feet of leasable space.
“This partnership makes a great deal of sense given CRF’s desire to own the highest quality retail assets throughout the country and to do so with a strong operating partner like Equity One,” Blanco tells GlobeSt.com. “With the capital from CRF combined with the track record and strong operating platform of Equity One, this joint venture should be a success well into the foreseeable future.”
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