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ORLANDO-Equity One Inc. of North Miami Beach is the new owner of Hunters Creek Plaza, a five-year-old, 68,032-sf neighborhood shopping center in the southern section of the city. The South Florida REIT paid California-based Hunters Creek Plaza Inc. $7.5 million, or $110.24 per sf, for the 94%-leased property.

Equity One chairman and CEO Chaim Katzman says he has a letter of intent outstanding for 2,600 sf of the vacant space. He calls the acquisition at this time “an excellent addition to our Orlando portfolio and reinforces our position as the leading owner of neighborhood shopping centers in Florida and throughout the southern United States.”

The property is debt-free and the acquisition was funded from Equity One’s existing line of credit, Katzman says. A 51,255-sf Winn-Dixie Supermarket anchors the center which was completed in 1998 on a 9.5-acre site at the intersection of John Young Parkway and State Road 417 within the master-planned, 4,000-acre Hunters Creek mixed-use community.

Katzman says the three-mile trade area has a population of 47,000 with an average household income over $68,000. Several new housing communities are either under construction or are planned near Hunters Creek Plaza.

Equity One’s 19.1 million-sf portfolio consists of 182 properties in metro Southeast markets. Among the properties are 126 supermarket-anchored shopping centers; nine drug store-anchored centers; 40 other retail-anchored centers; two commercial properties; and five retail developments. The REIT also has non-controlling interests in three unconsolidated joint ventures.

C. Whitney Knoll in the Atlanta office of Trammell Crow Co. and John M. Crossman in Crow’s local office negotiated for the seller. Equity One represented itself.

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