NORTH MIAMI BEACH, FLA. — North Miami Beach-based Equity One Inc. (NYSE: EQY) has acquired or is in agreement to acquire four commercial properties in Bethesda, Md., New York City and Norwalk, Conn., for $260 million.
The company is under contract to acquire the Westwood Complex, a 22-acre mixed-use development located in Bethesda, for $140 million. The development features 214,767 square feet of retail space, a 211,020-square-foot apartment building and a 62-unit assisted living facility. The transaction is slated to close by the end of 2013.
Giant Food has anchored Westwood’s main retail center since the center opened in 1959. The lease expires in 2019 with no term remaining. The assisted living facility is leased to Manor Care Health Services through 2015, also with no term remaining. Westwood’s apartment property is leased to a division of Montgomery County, Md., and it is subject to a purchase right in 2017, which is expected to be exercised.
Equity One has also acquired the 78,820-square-foot Clocktower Plaza, a shopping center located in Queens, for $56 million. Pathmark anchors the center, which is fully leased. The property is located on seven acres of land that has opportunities for future development and expansion.
The company has also closed on the previously announced $36 million acquisition of the 152,025-square-foot Darinor Plaza, a shopping center located on Post Road in Norwalk. The property is fully leased and is anchored by Kohl’s, Old Navy and Party City. The property also is encumbered by an $18.8 million mortgage.
Equity One has also closed on the previously announced $27.5 million acquisition of the 18,474-square-foot 1225 Second Avenue, a retail condominium covering a city block in New York City. CVS/pharmacy and 7-Eleven anchor the center, which is encumbered by a $16.7 million mortgage.
“These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below market rents and redevelopment opportunities,” says Jeff Olson, CEO of Equity One.
As of June 30, 2012, Equity One’s consolidated property portfolio consisted of 165 properties spanning 16.8 million square feet. The properties included 142 shopping centers, 11 development/redevelopment opportunities, five non-retail properties and seven land parcels. The portfolio is 91.8 percent leased to national, regional and local tenants.
The company also has joint venture interests in 17 shopping centers and two office buildings totaling approximately 2.8 million square feet.
Equity One’s stock price closed Tuesday at $21.45 per share, up from $15.50 per share a year ago.
— John Nelson