October 9, 2012

Retail space developer Equity One to acquire four US properties

US-based owner, developer and operator of shopping centers Equity One will acquire four properties in the New York & Maryland area for an estimated $260m.

By admin-demo

US-based owner, developer and operator of shopping centers Equity One will acquire four properties in the New York & Maryland area for an estimated $260m.

Three of the soon-to-be acquired properties are located in the New York metropolitan region while the fourth property is in Bethesda, Maryland.

The Westwood Complex in Bethesda property is a 22-acre property inclusive of 214,767m2 of retail space, anchored by Giant Food.

The acquisition is valued at $140m and expected to be concluded before January 2014.

New York properties acquired by the company include the Clocktower Plaza which is a 78,820ft2 shopping center located in Queens for $56m.

Underlining the acquisitions Equity One CEO Jeff Olson said, "These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below market rents and redevelopment opportunities."

Equity One also announced the closure of two previously announced acquisitions – the Darinor Plaza in Norwalk, Connecticut and 1225 Second Avenue in New York City.

Darinor Plaza is a 152,025ft2 shopping center located on The Post Road in Norwalk and it is anchored by Kohl’s , Old Navy and Party City that was acquired at a cost of $36m.