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Tampa Bay-Lakeland
Business Observer Tuesday, Sep. 27, 2011 11 years ago

Shopping centers sell for $473M

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Equity One sold a package of 36 assets that included Gulf Coast properties.

Equity One Inc. (symbol: EQY), a real estate investment firm based in north Miami Beach, sold 36 shopping centers offering 3.9 million square feet of retail space to Blackstone Real Estate Partners VII for $473.1 million.

Of those 36 properties, 10 are located along Southwest Florida's Gulf Coast. They include:

• Bay Point Plaza, St. Petersburg (103,986 sq. ft.)
• Carrollwood Center, Tampa (93,673 sq. ft.)
• Chelsea Place, New Port Richey (81,144 sq. ft.)
• Dolphin Village, St. Pete Beach (136,224 sq. ft.)
• Lake St. Charles, Riverview (57,015 sq. ft.)
• Marco Town Center, Marco Island (109,830 sq. ft.)
• Midpoint Center, Cape Coral (75,386 sq. ft.)
• Ross Plaza, Tampa (90,826 sq. ft.)
• Venice Plaza, Venice (132,345 sq. ft.)
• Venice Shopping Center, Venice (109,801 sq. ft.)

The entire portfolio of 36 shopping centers carried an aggregate principal balance of approximately $177.4 million in mortgage loans as of June 30, a release explains. The portfolio generated net operating income of approximately $35.4 million for the year ended June 30, 91% occupied at that time.

Jeff Olsen, CEO at Equity One, says the deal will help his firm shift its focus to new key markets on the company's investment agenda, including New York, Miami, Boston, San Francisco and Los Angeles. Once the sale is complete, Equity One will record a net impairment loss of at least $32 million in the third quarter.

Including these 36 shopping centers, Equity One currently manages a portfolio of 219 real estate properties, offering 24 million square feet of space.

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