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.
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