The Real Deal Miami

Equity One takes hit in West Palm transaction

REIT sells Publix-anchored Shoppes at Andros Isle at $2.8 million loss
July 16, 2014 12:45PM

Shoppes at Andros Isle (inset: Doron Valero)

Shoppes at Andros Isle (inset: Doron Valero)

Equity One took a $2.8 million hit on the sale of a Publix-anchored shopping center in West Palm Beach.

The North Miami Beach real estate investment trust got $11 million for the 8989 Okeechobee Boulevard property in a transaction recorded on Monday, according to Palm Beach County records. Equity One paid $13.8 million for the 80,472-square-foot center, known as the Shoppes at Andros Isle, in December 2006.

Global Andros of Sunrise is the buyer. The company is managed by Doron Valero, the managing partner of Global Fund Investments. It received an $8.2 million loan from New York-based The Bancorp Bank.

Another Valero-managed company acquired the Publix-anchored Riverside Square in Coral Springs from Equity One for $12.4 million last month. — Eric Kalis