The North Miami Beach, FL-based-Equity One had 32 properties inthe state. Under a separate 15-year agreement, a subsidiary of thefirm will handle the management and leasing for the properties inthe joint venture. Equity anticipates net proceeds will be $327million once the deal closes in the second quarter.
"This venture allows us to recycle capital to higher growthopportunities in our target markets in the southern andnortheastern United States as well as explore new opportunities inthe Mid-Atlantic states," says Chaim Katzman, chairman and chiefexecutive officer of Equity One, in a statement. "We believe thatthis transaction creates significant value for our stockholderswith a meaningful gain on sale and the possibility of a specialdividend distribution."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
