Equity One announced this week that it had closed on the sale of two non-core assets in California for an aggregate sale price of $124.9 million according to a CoStar report. Trio Apartments, a 304 unit apartment building in Pasadena, CA was sold for $112.2 million, including the assumption of a $62.8 million mortgage. Equity One owned a 50% interest in the property. Park Plaza, a 73,000 square foot office building in Sacramento, CA was sold for $12.7 million, including the assumption of a $7.4 million mortgage. Equity One owned a 100% interest in the property. The buyers were not disclosed.
"We are pleased to continue our capital recycling efforts by selling non-core assets and redeploying the capital into extremely high quality shopping centers within our targeted markets" said Jeff Olson, CEO of Equity One.
Equity One also announced that they closed on the acquisition of Aventura Square in Aventura, FL for $55.5 million. Aventura Square is a 113,450 square foot shopping center anchored by Bed Bath & Beyond, Old Navy and DSW. Aventura Square is located at the intersection of Biscayne Boulevard and the William Lehman Causeway, just south of the Aventura Mall and adjacent to Equity One's Gateway Plaza property which is anchored by Babies R Us.
For more news and information visit Blumberg Capital Partners.
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