(Crystal Proenza is associate editor of RealEstate Florida.)
MIAMI-In its first acquisition, a joint venture between locallybased Equity One Inc. and an affiliate of New York City-based DRAAdvisors LLC has purchased a three-property value-add package inSouth Florida. The $53-million deal includes shopping centers inPlantation and Margate and a three-building office asset in BocaRaton.
The properties were encumbered by a $38.9-million loan, whichthe buyer assumed, says John Bell, managing director of DTZRockwood's Miami office, who represented the seller in thetransaction. The seller, Los Angeles-based Gehr Development, soldthe assets to focus on properties that are closer to home and lessmanagement intensive, Bell tells GlobeSt.com, adding that all threeproperties have occupancy challenges.
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
*May exclude premium content
Already have an account?
Sign In Now
© 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.
