Equity One Buys Retail Center for $9.1 Mil

NORTH MIAMI BEACH, FL-Equity One Inc. has acquired the Ryanwood Square neighborhood retail center in Vero Beach, FL, for $9.12 million.

The North Miami Beach-based real estate investment trust paid $79.40 per sf for the 114,925-sf property that has an estimated net operating income of $870,000. Major anchor tenants include Publix, Books-a-Million and Bealls.

By acquiring the retail center, Equity One is claiming partial fulfillment of a Section 1031 exchange under the U.S. Tax Code. The sale relates to the Aug. 31 sale of Harbour Financial Center by Centrefund Realty (U.S.) Corp., a company that Equity One acquired in a stock swap in late September.

In a shareholder’s advisory, the REIT says that about $8 million of the Ryanwood purchase was funded from the proceeds of the Harbour Financial Sale. The remaining amount came from other sources.

The REIT also advised shareholders it has completed a series of deals that has reduced the number of its joint-venture interests to three from six. It has sold partial interests in Northmill, Abacoa and Fishhawk properties for a net $2.6 million. The REIT also increased its interest in its City Centre property to 50% from 25.05% at a cost of about $1.4 million.