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SAN DIEGO-Price Legacy Corp. announced it has purchased five open-air shopping centers in Florida for $242 million. The properties, bring acquired in seperate transactions, are being purchased with $54 million in cash and assumption of $188 million in debt.

Four of the properties already have been acquired; the fifth, Millennia Plaza in Orlando, FL is expected to close by the end of this month. The centers are located in central and south Florida primarily along Interstate 95 in the cities of Orlando, Hollywood, Ft. Lauderdale, West Palm Beach and Miami.

Combined, the five centers total approximately 2.5 million sf with an average occupancy of 98%. “We are excited about re-entering the Florida market and are delighted with the acquisition of these high quality properties. We hope to acquire additional open-air shopping centers of this type and quality for our portfolio,” says Gary B. Sabin, CEO of Price Legacy Corp.

Price Legacy has opened an office in Hollywood, Florida for the management of the properties, he says. Graham R. Bullick, president of Price Legacy calls it “unusual to purchase such a portfolio where all of the anchor tenants are included in the purchase — either owned outright or on ground leases.”

The centers purchased were Oakwood Plaza, located on I-95 in Hollywood, Florida and has about 875,000 sf; Millenia Plaza, a 435,000-sf facility at Interstate 4 and the Florida Turnpike in Orlando, the 405,000-sf Kendale Lakes Plaza, located in South Miami, near Kendall Drive and the Florida Turnpike; the 360,000-sf Cross County Plaza on I-95 in West Palm Beach, and Cypress Creek Station, at the intersection of Cypress Creek Road and North Andrews Avenue in Ft. Lauderdale.

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