Equity One Closes $260M Worth of Acquisitions

Equity One Inc. has acquired or is under contract to acquire four properties New York and Maryland for a total of $260 million.

The REIT entered a contract to acquire Westwood Complex, a 22-acre mixed-use property in Bethesda, Md. The asset contains 214,767 sq. ft. of retail space, a 211,020-sq.-ft. apartment building, a 62-unit assisted living facility and significant opportunities for retail redevelopment and expansion. The transaction has been initially structured as a $95 million mortgage loan, which has been funded. It will be completed at a total purchase price of $140 million before January 2014.

Equity One acquired Clocktower Plaza, a 78,820-sq.-ft. grocery-anchored shopping center in Queens, N.Y., for $56 million. The center is 100 percent leased, with Pathmark serving as anchor tenant.

The company also closed acquisitions of two previously announced properties: Darinor Plaza in Norwalk, Conn. and 1225 Second Avenue in New York City. Darinor Plaza contains 152,025 sq. ft. of retail space. Kohl’s, Old Navy and Party City anchor the center, which is 100 percent leased. Equity One purchased it for $36 million. Darinor Plaza comes encumbered by an $18.8 million mortgage.

1225 Second Avenue is an 18,474-sq.-ft. retail condominium anchored by CVS and 7-11. Equity One paid $27.5 million for the property, which is encumbered by a $16.7 million mortgage.

“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,” said Jeff Olson, CEO of Equity One, in a statement.

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