Equity One Buys Shopping Center for $9M

MIAMI-Continuing to make good on its promise to increase its presence in the South Florida region, real estate investment trust Equity One Inc. recently acquired the Shops at the Meadows from LGO Corp. in an $8.9 million transaction. Equity officials estimate the yield on the new acquisition will eventually be more than 9.5%.

The 75,500-sf shopping center is anchored by a 48,000-sf Publix and is home to other tenants such as GNC and Supercuts. Located on Bird Road and Southwest 152nd Avenue, the Meadows boasts 90.7% occupancy. In a statement on the acquisition, company chairman and CEO Chaim Katzman notes that, “the Shops at the Meadows is located within five miles of our Plaza Alegre development project and our Bird Ludlam and West Lakes Plaza shopping centers, and is our seventh shopping center in Miami-Dade County.”

Other properties the company has recently acquired in the South Florida market include the 58,800-sf Salerno Village Shopping Center in Port Salerno, which cost $2.6 million.