The Real Deal Miami

Miami developer acquires Queens shopping center for $29M

By David Jones | September 01, 2011 06:00PM

Equity One, a North Miami Beach real estate developer, said it acquired a 60,000-square-foot Rego Park, Queens shopping center for $28.8 million, marking the fourth major deal the firm has announced in the New York area since mid-2010.

The shopping center, at 90-30 Metropolitan Avenue, is 93 percent full and anchored by grocer Trader Joe’s, office supply chain Staples and Michael’s, a retail chain of home décor and crafts supplies.

The firm also said it would sell the Los Angeles-based Pacific Financial Center, a 213,000-square-foot office building, for $49.5 million, which includes the assumption of a $19.2 million mortgage, part of a strategy to dispose of non-core assets and focus on shopping centers and other urban retail locations. Equity One acquired the location earlier this year under a joint venture.

In May, Equity One acquired a stake in the old Barney’s retail condo at 161 West 16th Street in Manhattan. 

Equity One in late 2010 acquired the 27,000-square-foot retail condo at Trump Plaza at 1175 Third Avenue for $21 million. 

Equity One has 199 properties nationwide, including 176 retail malls. Company officials were not immediately available for comment.