Equity One Inc. completed the separate acquisitions of Creekside Plaza Shopping Center in Arlington, Texas, and The Village Center in Southlake, Texas, for a total of 219,108 square feet.
The total value of the transactions was $31.5 million.
Creekside Plaza is a 101,016-square-foot shopping center anchored by a 60,932-square-foot Kroger Signature supermarket, Hollywood Video and Washington Mutual. The center includes 28,384 square feet of local tenant space and was 100 percent leased at the time of sale.
The first phase of Creekside Plaza was completed in 1997 with the second phase completed the following year. The center is situated on 18.9 acres at the intersection of State Highway 360 and Green Oaks Boulevard in Arlington, Texas. In connection with the purchase, Equity One acquired a 2.5-acre pad site and additional unimproved land for future development of approximately 5,000 square feet of additional retail space.
The Village is a 118,092-square-foot shopping center anchored by a 60,932-square-foot Kroger Signature supermarket. The balance of the center consists of 57,160 square feet of local space and was 96 percent leased at the time of sale.
The center was completed in 1996 on a 13.1-acre site and is located at the northeast corner of Southlake Boulevard and Village Center Drive just west of State Highway 114 in Southlake, Texas.
Equity One is a real estate investment trust that acquires, renovates, develops and manages shopping centers.
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