Equity One to Contribute $197M in Properties to JV
- Apr 02, 2008
Miami-based Equity One announced today that it has agreed to contribute seven properties valued at $197.4 million to a joint venture formed in February with Global Retail Investors L.L.C., a shopping center investment entity formed by Bethesda, Md.-based First Washington Realty Inc. and the California Public Employees’ Retirement System. Equity One will realize approximately $129.8 at the completion of the transaction. The company will use the money to fund existing development and redevelopment projects, pay down debts, fund acquisitions and support other corporate activities. The initial contribution includes the following five properties: the Concord Shopping Center, The Shoppes at Quail Roost, The Shoppes of Sunset, and the Shoppes of Sunset II, all in Miami. The fifth is The Shoppes of Ibis in West Palm Beach, Fla. Following the assumption of existing mortgage indebtedness and the completion of other closing conditions, Equity One will contribute the other two properties–Presidential Marketplace in Snellville, Ga., and Sparkleberry Square in Columbia, S.C. When the transaction is completed, the joint venture will own about 1.4 million square feet of retail property. Together, the seven properties covered by today’s announcement total 1,236,900 square feet. Airpark Plaza in Miami, the joint venture’s first acquisition, accounts for the remaining square footage in the portfolio. A 10 percent owner of the joint venture, Equity One manages and leases the venture’s properties.