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NORTH MIAMI BEACH, Fla. -- Equity One, Inc., a real estate investment trust that acquires, renovates, develops, and manages neighborhood and community shopping centers, has completed the sale of a retail center in North Ellenton, Fla., anchored by Publix and Kmart, for $14.9 million.
The sale is part of Equity One c.e.o. Chaim Katzman's vision to keep what he calls "necessity-based shopping centers" as dynamic and vibrant hubs of community life.
"People need a place to shop for groceries," Katzman recently told South Florida developers at an Urban Land Institute symposium. "Some think supercenters will take over. I don’t think so. Grocery shopping is about convenience, being close to home. Neighborhood centers will keep serving the same needs they have all along, being the suppliers of daily necessities," he noted.
The sale of North River Village, a 177,128-square-foot retail center that was 100 percent leased at the time of the sale, will result in a gain of approximately $1.7 million, which will be recognized in the first quarter of 2005, Equity One said.
Equity One acquired North River Village when the company acquired Atlanta-based IRT Property Co. in a merger transaction in February 2003.
"Overall, we have sold nine of the 93 assets we acquired in the IRT merger, realizing $7.3 million of total gains on aggregate sales of $65.9 million. We will continue to take advantage of strong real estate markets to recycle capital from non-core assets to more strategic acquisitions, developments, and redevelopments in our target markets," said Katzman in a statement.