ST. PETE BEACH, FL-Equity One Inc. of North Miami Beach and RMC Property Group of Tampa have closed on the $28.1-million acquisition of Dolphin Village Shopping Center. The 138,169-sf, 93%-leased property is located on 11.4 acres along Boca Ciega Bay, across the street from the Gulf of Mexico. The JV paid $203.37 per sf for the property.
Under their joint venture arrangement, Equity One put up all the cash for the purchase and related closing costs, according to Equity chairman and CEO Chaim Katzman. RMC will be the development and leasing partner. Equity One will handle property operations and be the venture's capital partner "earning an 8% return on its capital contributions," Katzman says in a prepared statement.
A Publix Supermarket anchors the center whose tenants include CVS, Dollar Tree and Chick-fil-A. Katzman says the deal was done at this time to enable the joint venture "to take advantage of the booming residential market in the greater Tampa-St. Petersburg metropolitan area by undertaking a major redevelopment of the property." Also appealing were "significant barriers to future competition" in the St. Pete Beach market, Katzman adds.
© 2025 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.
