Equity One Deal Heralds More Retail Development in Bethesda

BETHESDA, MD-Bethesda is likely to see yet more retail development via Equity One’s plans to acquire Westwood Complex–a 22-acre property here with significant opportunities for retail redevelopment and expansion. The acquisition is part of a four-asset purchase the REIT is making for a total of $260 million. The other three properties are in New York City.

Westwood consists of 214,767 square feet of retail anchored by a Giant Food, a 211,020-square-foot apartment building and a 62-unit assisted-living facility. The transaction is initially structured as a $95-million mortgage loan, which has been funded. The acquisition will be completed with an outright purchase for $140 million with an anticipated closing before January 2014. Equity One declined to comment beyond the press release.