Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORTH MIAMI BEACH-Equity One Inc., a locally based real estate investment trust, has purchased four shopping centers for a combined $49.2 million. The four centers, located in three states, are all anchored by supermarkets and total approximately 352,000 sf. The total sales price equates to an average of about $139.80 per sf.

The centers are: Publix at Middle Beach, a 69,277-sf neighborhood shopping center in Panama City Beach, FL. The seller was Secured Properties Investors XII LP. The center is anchored by a 56,077-sf Publix supermarket and includes 13,200 sf of local tenant space. At press time, the center, completed in 1994, was 100% leased. Equity One funded the $7.6-million purchase price by assuming a $2.8-million, 7.4% loan due August 2004 and drawing the rest from its unsecured credit line. Joe Montgomery of Spectrum Realty represented Secured Properties Investors XII LP in the transaction.

Hamilton Ridge, an 89,496-sf neighborhood shopping center in Buford, GA. The seller was Hamilton Ridge LLC. The center is located on 11 acres about 35 miles northeast of Atlanta and is anchored by a 54,166-sf Kroger supermarket. Hamilton Ridge, completed in 2002, was 94% leased at press time. Equity One funded the $13.7-million purchase price from its unsecured credit line. Neal Pringle of Shopping Center Group represented Hamilton Ridge.

Belfair Towne Village, a 125,389-sf neighborhood shopping center in Bluffton, SC, six miles from the entrance to Hilton Head Island. The seller was Belfair Towne Village Partners LP. The center, 93% leased, is anchored by a 55,696-sf Kroger supermarket and features 69,693 sf of local tenant space. The site also can accommodate an extra 30,000 sf of development. Equity One funded this center’s $19.9-million price by assuming an $11.4-million, 7.32% loan due December 2011 and drawing the rest from its unsecured credit line.

Publix at Woodruff,, a 68,055-sf neighborhood shopping center in Greenville, SC. The seller was Secured Properties Investors XIII. Anchored by a 47,955-sf Publix, the center also contains 20,100 sf of local tenant space and was 98% leased at press time. Equity One funded this $8-million purchase by assuming a $3.1-million, 7.58% loan due September 2005 and drawing the rest from its unsecured credit line. Spectrum Realty’s Montgomery represented Secured.

“Each of these properties is located in a high-growth market in the Southeast and is anchored by the dominant, local supermarket,” according to Chaim Katzman, chairman and CEO of publicly traded Equity One. “Overall in 2003, Equity One has acquired 105 properties aggregating $974 million. We have accomplished this growth prudently, and we will finish the year with a conservative and flexible financial profile.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.