Equity One Inc., a retail real estatetrust (REIT), has bought a portfolio of six grocery-anchored retail properties in the Boston metro area for $119.8 million. The portfolio totals 390,979 sq. ft., and all properties are 100% leased.
The six properties are located in Cambridge, Medford, Plymouth, Quincy, Swampscott and West Roxbury. They are anchored by leading supermarket chains, including five Shaw’s Supermarkets and one Whole Foods that is scheduled to open in January 2005. The West Roxbury center also includes 13,213 sq. ft. of space leased by local tenants.
"We’re excited to move forward with thisin the Boston market," says Chaim Katzman, chairman and CEO of Equity One. "We see it as an important first step towards our goal of acquiring similar, high-quality properties and portfolios anchored by leading supermarkets or other necessity oriented retailers in the best urban markets on the East Coast."
The acquisition represents Equity One’s first foray into the New England retail market. Most of the REITs assets are located in the southeastern U.S., particularly Florida.