MIAMI-Equity One has agreed to sell 36 shopping centers spanning about 3.9 million square feet for $473.1 million to Blackstone Real Estate Partners VIII. The assets are encumbered by mortgage loans totaling about $177.4 million.
Lazard Freres & Co. acted as Equity One's financial advisor. Eastdil Secured acted as Blackstone's financial advisor.
Most of the shopping centers are located in Atlanta, Tampa and Orlando, but there are also a few in North Carolina, South Carolina, Alabama, Tennessee and Maryland. The portfolio generated net operating income of approximately $35.4 million for the 12-month period ended June 30, 2011 and is 91% occupied.
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