Equity One Acquires Culver Center for $115 Million

Equity One, Inc., an owner, developer, and operator of shopping centers, has announced the acquisition of Culver Center for $115 million.

Here's what the press release had to say about Culver Center:

"Culver Center is a 216,578 square foot community shopping center which is 99% leased and anchored by Ralph's, Best Buy, and Bally Total Fitness. The property is located in a densely populated section of western Los Angeles County at the intersection of Venice Boulevard, Washington Boulevard and Overland Avenue, directly across the street from Sony Picture Studios. The center was developed in the 1950s and is situated on 9.7 acres. The surrounding trade area has high barriers to entry with a population of 278,500 people living within three miles and an average household income of $86,000."

The release goes on to quote Equity One CEO Jeff Olson calling Culver Center a "unique property which meets all of our acquisition criteria: major metropolitan market, severe supply constraints, strong tenant sales, below market rents, near term NOI growth, and opportunities for future redevelopment."

 

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