Equity One, DRA Advisors Take Florida Properties for $53M
- Aug 22, 2008
A joint venture between Equity One Inc. and DRA Advisors has taken three new properties in Florida for $53 million. The properties will be 80 percent owned by Equity One and 20 percent owned by DRA Advisors. The three properties, all retail centers, are Plantation Marketplace in Plantation, Penn Dutch Plaza in Margate and 1900/2000 Offices in Boca Raton.Plantation Marketplace, at 230,300 square feet, is the biggest of the three. Current leasees include CVS/pharmarcy, Winn-Dixie supermarket, Bealls Outlet and Big Lots. The Penn Dutch Plaza is a neighborhood retail center, and includes a local grocery store, Penn Dutch, that has been in the area for more than 30 years. Penn Dutch Plaza occupies 155, 600 square feet and also includes a Walgreens. The 1900/2000 offices in Boca Raton contain 116,800 square feet of space in two 4-story buildings, and one 2-story building, They are occupied by tenants such as attorneys, CPAs, and staffing firms. The deal has a mortgage 5.6 percent. The outstanding principal of $38.9 million comes due in November 2014. Equity One is a real estate investment trust that acquires, renovates, develops and manages neighborhood and community shopping centers. Currently, it owns or has interest in more than 162 properties, with 145 shopping centers. It total they contain 15.9 million square feet. New York City-based DRA Advisors is a registered investment advisor that specializes in real estate management services. DRA currently manages more than $10 billion in assets. Originally Dreyfus Realty Advisors, a part of the Dreyfus Corp., the company merged with Mellon Bank and is today solely owned by its twelve partners. Since inception, DRA Advisors has purchased more than 890 properties with a total value of more than $16 billion.