Equity One takes hit in West Palm transaction

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.

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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