Equity One also is marketing a second outparcel, which would beabout 3,500 sf and an ideal location for a bank, Doron Valero,president and COO of Equity One Inc., tells GlobeSt.com. Thedevelopment costs of the plaza total approximately $10 million,including costs for the additional 3,500-sf outparcel.

"The location of Plaza Alegre is in one of the highest growthareas in Southwest Miami-Dade," Valero says. "There are hundreds ofhomes being built within a half-mile radius. Publix opened verywell, and the center keeps getting better every day." Uponstabilization, which is expected in the fourth quarter of thisyear, Plaza Alegre is expected to yield more than 10.5% onprojected total costs.

"Our development, acquisition and disposition activitiescontinue to enhance our real estate operations," Valero said in astatement. "Transactions such as (this) further strengthen oursupermarket-anchored shopping center franchise in key urban marketsin the southern US."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.