The portfolio is comprised of 55 stabilized assets and threeredevelopment properties. The cap rate on the 55 stabilized assetsis approximately 9.8% on 2003 projected NOI. For the threeredevelopment assets, the cap rate is approximately 6.6% on 2003projected NOI and 11.0% on the properties' projected stabilizedNOI. The overall cap rate on the 58 assets is approximately 9.5% on'03's projected NOI.
The 58 properties were chosen from Equity's 118-asset portfolioof community and neighborhood centers because of "their strategicfit with the retail format and the demographic, geographic andtenancy characteristics of New Plan's shopping center portfolio,"according to a prepared statement. The assets--92% leased--total7.9 million feet of GLA.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
