NORTH MIAMI BEACH, FL-Equity One Inc. has closed $4.2 million in new land and retail deals in Florida and Louisiana. The locally based REIT sold a choice two-acre development parcel in nearby Miramar, Broward County, for $1.5 million and a 94,559-sf shopping center in Baton Rouge, LA for $2.7 million.

Equity One chairman and CEO Chaim Katzman didn’t disclose the buyers’ names, average asking rents at the shopping center or why the deals were done at this time. He says, however, in a prepared statement that Equity One made $150,000 profit on the land sale and $1.1 million on the sale of the Millervillage Shopping Center located at Millerville Road and the Old Hammond Highway in Baton Rouge.

The center was built in 1983; renovated in 1992; and was 34% occupied at closing. The two-acre Miramar tract was sold for about $750,000 per acre or $17.22 per sf. The price is considered premium for the dirt located about three miles from Interstate 75 in southwest Broward County, area industrial brokers familiar with the site tell The shopping center price equates to $28.55 per sf, considered fair market value for a 34%-leased property, brokers say.Katzman says he is pleased with the dispositions. Equity One, with a portfolio of 186 properties consisting of 20.6 million sf, “remains committed to an active process of selling non-core assets,” the REIT’s chief executive says.


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