May 18th, 2011New York Retirement Fund, Equity One To Buy Malls
NORTH MIAMI BEACH, Fla. – Shopping center operator Equity One Inc. said Monday it has formed a joint venture with the New York Common Retirement Fund to acquire grocery-anchored centers.
The joint venture will be 70 percent owned by the retirement fund and 30 percent owned by Equity One.
Equity One will manage and lease the acquired properties. The retirement fund will be advised by LaSalle Investment Management.
The joint venture has acquired two shopping centers anchored by Publix — Country Walk Plaza in Miami and Veranda Shoppes in Plantation, Fla. — from Equity One for $39.4 million.
“This new alliance will enable us to continue our strategy of upgrading and diversifying our portfolio into the most densely populated, supply constrained markets of the country,” Equity One CEO Jeff Olson said in a statement
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