Edens & Avant Increases South Florida Presence

Sunshine Square acquisition will be Company's 26th retail center in Florida

Jul 15, 2010

FORT LAUDERDALE, Fla., July 15 /PRNewswire/ -- As part of its continued plan to increase its presence in the state of Florida, Edens & Avant announces the recent acquisition of Sunshine Square in Boynton Beach, FL.  A 152,944 sq. ft, Publix anchored center, Sunshine Square will be the 26th retail center owned by Edens & Avant in the Florida market, including 11 centers in South Florida.

"With the Sunshine Square acquisition, we've brought a great property into our South Florida portfolio that not only has a strong location but a well-performing and long-established anchor in Publix," commented Jami Passer, Edens & Avant VP. "Located at the southwest corner of North Federal Highway (US1) and Woolbright Road in Boynton Beach, Florida, Sunshine Square is a long established retail destination that benefits from its location in a densely populated area and its proximity to major traffic arteries. The opportunity for smart redevelopment was also key in our decision to acquire the center, and we look forward to presenting some exciting plans in the future."

The Sunshine Square transaction involved a purchase of the existing note from Key Bank and a simultaneous transaction to secure the ownership of the property through a deed-in-lieu transfer by Woolbright. "Because of our existing relationships with Key Bank and Woolbright, along with our local market knowledge and track record in South Florida, we were able to purchase the property at a significant discount from the value of the note," said Passer.

About Edens & Avant

Edens & Avant develops, owns and operates neighborhood shopping places in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built a portfolio of more than 128 retail centers in 15 states. Edens & Avant has Regional Headquarters in Miami, Boston, Washington DC, Atlanta and Columbia, SC (Corporate Office).  For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.

SOURCE Edens & Avant

For further information: Robbie Robertson, Communications Director, Edens & Avant, +1-803-744-2446, [email protected]