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NORTH MIAMI BEACH, Fla. - Equity One, Inc., an owner, developer, and operator of community and neighborhood shopping centers located mainly in high-growth markets in the southern United States, said yesterday that it has completed the acquisition of six grocery-anchored retail properties in the Boston metropolitan area, amounting to 390,979 square feet in a single portfolio transaction for total consideration of $119.8 million, including the assumption of $12.1 million of mortgage indebtedness secured by three of the properties.
The six properties, which offer various redevelopment and expansion opportunities, are in the towns of Cambridge, Medford, Plymouth, Quincy, Swampscott, and West Roxbury. Among the stores anchoring the properties are five Shaw's Supermarkets (currently operating as three Shaw's and two Star Markets), and one Whole Foods slated to open in January 2005. The West Roxbury center additionally features 13,213 square feet of local tenants. All of the properties are 100 percent leased.
"We are excited to move forward with this investment in the Boston market," Equity One chairman and c.e.o. Chaim Katzman said in a statement, "and see it as an important first step towards our goal of acquiring similar high-quality properties and portfolios anchored by leading supermarkets or other necessity-oriented retailers in the best urban markets on the East Coast. This portfolio provides meaningful geographic and credit diversification, contains properties protected by high barriers to entry, and is an effective way to enter the demographically strong and densely populated New England market."