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DAVIE, FL-Equity One acquired the 36,212-sf Westport Plaza for $7.2 million, or just shy of $199 per sf. The price tag includes the assumption of a $4.9-million loan balance that has an interest rate of nearly 7.5% and matures in 2023.

The center was completed in 2002 and is 100% leased, anchored by a 27,887-sf Publix supermarket, with local merchants taking up the additional 8,325 sf. It is located on approximately 4.9 acres at the intersection of Davie Road and Nova Drive and can accommodate approximately 3,000 sf of additional space on an existing outparcel.

The Westport property’s three-mile trade area has 93,971 people with a median household income of $50,424 and is projected to grow at a rate of 2.4% a year through 2008. North Miami Beach-based Equity One lays claim to being the largest owner of neighborhood shopping centers in Florida, according to Chaim Katzman, chairman and CEO, who says, “Westport Plaza is an excellent addition to our portfolio, featuring a leading supermarket anchor and an excellent tenant mix in a demographically strong, infill location…we will continue to use our scale to further enhance our competitive position.”

This year Equity closed $316 million in acquisitions in its various target markets, which include the Southern US and Boston metropolitan area. In all, its portfolio encompasses 188 properties with an aggregate of 20.1 million sf.

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