Equity One Announces Major Geographic Expansion into Boston,
Massachusetts
NORTH MIAMI BEACH, Fla., Aug. 18 /PRNewswire-FirstCall/ -- Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood
shopping centers located predominantly in high growth markets in the southern
United States, announced today that it has entered into a definitive agreement
to purchase six grocery-anchored, retail properties in the Boston metropolitan
area, totaling 390,979 square feet in a transaction valued at approximately
$120 million, including debt assumption. Equity One intends to close the
acquisition, subject to the assumption of existing indebtedness and other
customary closing conditions, on or before September 30, 2004.
The six properties are located in the Boston metropolitan area, one of the most
densely populated regions of the country, in the towns of Cambridge, Medford,
Quincy, Swampscott, West Roxbury and Plymouth. The properties are anchored by
leading supermarket chains, including five Shaw's Supermarkets (recently
acquired by Albertson's) and one Whole Foods, and offer various redevelopment
and expansion opportunities. The West Roxbury center also includes 13,213
square feet of local tenants.
"Our entry into the Boston market advances our goal of penetrating the best
urban markets on the East Coast through the acquisition of properties or
portfolios of properties anchored by leading supermarkets or other necessity
oriented retailers," stated Chaim Katzman, Chairman and Chief Executive
Officer. "The acquisition of this rare portfolio further enhances the quality
of our real estate holdings and offers meaningful geographic diversification. The Boston market has high barriers to entry, dominant supermarket chains and
extremely compelling demographics. We look forward to using this acquisition as
a springboard for additional investments in the Boston and New England
markets." About Equity One, Inc.
Equity One is a real estate investment trust that principally acquires,
renovates, develops and manages neighborhood and community shopping centers
anchored by national and regional supermarket chains and other
necessity-oriented retailers such as drug stores or discount retail stores. Our
20.7 million square foot portfolio consists of 188 properties located primarily
in metropolitan areas of the southern United States, encompassing 128
supermarket-anchored shopping centers, 10 drug store-anchored shopping centers,
44 other retail-anchored shopping centers, a self-storage facility, an
industrial property and four retail developments, as well as non-controlling
interests in two unconsolidated joint ventures. For additional information,
please visit our web site at http://www.equityone.net/.
Forward-Looking Statements Certain matters discussed by Equity One in this press release constitute
forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-
looking statements are based upon reasonable assumptions, it can give no
assurance that these expectations will be achieved. Factors that could cause
actual results to differ materially from current expectations include changes
in macro-economic conditions and the demand for retail space in Florida, Texas,
Georgia and the other states in which Equity One owns properties; the
continuing financial success of Equity One's current and prospective tenants;
continuing supply constraints in its geographic markets; the availability of
properties for acquisition; the success of its efforts to lease up vacant
properties; the effects of natural and other disasters; the ability of Equity
One to successfully integrate the operations and systems of acquired companies
and properties; and other risks, which are described in Equity One's filings
with the Securities and Exchange Commission.
For additional information at the company: Howard Sipzner, EVP and CFO
305-947-1664 Media Contact:
David Schull
305-446-2700
DATASOURCE: Equity One, Inc.
CONTACT: Howard Sipzner, EVP and CFO, +1-305-947-1664, or Media: David Schull, +1-305-446-2700, both of Equity One, Inc.
Web site: http://www.equityone.net/
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