Equity One to Pay $140M for 22-Acre Westwood Complex in Bethesda
Westwood Tower Apartments
North Miami Beach-based Equity One, Inc. has acquired, or is under contract to acquire, four properties for a total investment of $260 million. Three of the assets are located in the New York Metropolitan Region and one is located in Bethesda, Maryland.
The company entered into a contract to acquire Westwood Complex, a 22-acre property located in Bethesda, Maryland with significant retail opportunities for redevelopment and expansion. The site consists of 214,767 square feet of retail space, a 211,020 square foot apartment building, and a 62-unit assisted living facility.
The transaction is initially structured as a $95 million mortgage loan which has been funded. The transaction will be completed with an outright purchase of the property for $140 million with an anticipated closing prior to January 2014.
The main retail center, within the Westwood Complex, has been anchored by a Giant Food since the center opened in 1959. The Giant lease expires in 2019 with no term remaining.
The apartment building is leased to a division of Montgomery County, MD and is subject to a purchase right in 2017 which is expected to be exercised. The assisted living facility is leased to Manor Care Health Services through 2015 with no term remaining.
The company acquired Clocktower Plaza, a 78,820 square foot shopping center located in Queens, NY, for $56 million. It is anchored by a high volume Pathmark grocery store and is 100% leased. The property is situated on seven acres of land with excess parking which is expected to provide development and expansion opportunities in the future.
The company also closed on the purchase of two previously announced acquisitions, Darinor Plaza and 1225 Second Avenue.
Darinor Plaza is a 152,025 square foot shopping center located on The Post Road in Norwalk, Connecticut. It is anchored by Kohl's, Old Navy and Party City. It is the company's seventh shopping center in the state of Connecticut and the third shopping center located on The Post Road between Westport and Darien. Darinor was built in 1978 and is 100% leased. The property was purchased for $36 million and is encumbered by an $18.8 million mortgage.
1225 Second Avenue is an 18,474 square foot retail condominium covering a full city block on Second Avenue between 64th and 65th Street in New York City. It is anchored by CVS and 7-11. The property was purchased for $27.5 million and is encumbered by a $16.7 million mortgage. Together with Clocktower, this property marks the company's sixth acquisition in New York City.