Equity One, Inc., an owner, developer, and operator of shopping centers, announced today it has closed on the purchase of a 22-acre property on Long Island, New York.
The site, the former world headquarters for Avis Rent A Car, is adjacent to Equity One’s Westbury Plaza, a 400,000 square foot shopping center located in one of the most productive retail regions in the country. Equity One acquired Westbury Plaza, which is anchored by Wal-Mart and Costco, for $103.7 million in October of this year. The shopping center and the adjacent land are now Equity One’s largest asset.
“The parcel coupled with our Westbury Plaza acquisition is an exciting opportunity for Equity One to create significant value,” said Jeff Olson, Chief Executive Officer of Equity One. “These two acquisitions in the New York metropolitan area mark our entry into one of the strongest U.S. retail markets.”
“We have already identified nearly a dozen retailers that have interest in entering this market for the first time or relocating an existing store to our site. We are evaluating multiple options for the site and we look forward to developing a unique and valuable destination that serves the retail demands in the community.”