Equity One Completes $119.8 Million Acquisition of Six Retail
Properties in Boston, Massachusetts
NORTH MIAMI BEACH, Fla., Oct. 8 /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 completed the acquisition of six
grocery-anchored, retail properties in the Boston metropolitan area, totaling
390,979 square feet in a single, portfolio transaction for total consideration
of $119.8 million, including the assumption of $12.1 million of mortgage
indebtedness secured by three of the properties.
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,
Plymouth, Quincy, Swampscott and West Roxbury. The properties are anchored by
leading supermarket chains, including five Shaw's Supermarkets (recently
acquired by Albertson's, and currently operating as three Shaw's and two Star
Markets, a subsidiary of Shaw's which they acquired in 1998) and one Whole
Foods (scheduled to open in January 2005), and offer various redevelopment and
expansion opportunities. The West Roxbury center also includes 13,213 square
feet of local tenants. The six properties are 100% leased.
"We are excited to move forward with this investment in the Boston market,"
stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One, "and
see it as an important first step towards our goal of acquiring similar,
high-quality properties and portfolios anchored by leading supermarkets or
other necessity oriented retailers in the best urban markets on the East Coast. This portfolio provides meaningful geographic and credit diversification,
contains properties protected by high barriers to entry, and is an effective
way to enter the demographically strong and densely populated New England
market." 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 million square foot portfolio consists of 185 properties located in
metropolitan areas of the southern United States and the Boston, Massachusetts
metropolitan area, encompassing 131 supermarket-anchored shopping centers, 9
drug store-anchored shopping centers, 40 other retail-anchored shopping
centers, a self-storage facility, an industrial property and three 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, Massachusetts 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 further information, please contact: Howard Sipzner, EVP and CFO,
+1-305-947-1664, or Media, David Schull, +1-305-446-2700, both of Equity One,
Inc. 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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