North Miami Beach, Fla. - Equity One Inc. recently agreed to assume asset and/orresponsibilities for 29 properties owned by Centrefund Realty (U.S.) Corp., a subsidiary of Toronto, Canada-based Centrefund Realty Corp.
Under the terms of the agreement, Equity One will assumemanagement responsibilities for 11 properties in Florida, and asset management responsibilities for one property in Florida and 17 in Texas.
Those properties, which total more than 3.6 million sq. ft., include 18 grocery-anchored centers; three drugstore-anchored centers; one mixed-use development; and seven other retail developments. The Texas properties are primarily in Houston and; the Florida properties are primarily in western Florida, Palm Beach County and Orlando.
The initiative will bring Equity One's combined owned and managed portfolio to more than 6.7 million sq. ft. The North Miami Beach, Fla.-based REIT acquires, renovates, develops and manages community and neighborhood shopping centers.
Centrefund Realty Corp. is a publicly traded REIT. Its principal, Israel-based Gazit-Globe (1982) Ltd., also is the principal investor in Equity One. Equity One and Centrefund Realty (U.S.) Corp. entered into preliminary merger talks in October.