Equity One Completes Two More Property Sales
NORTH MIAMI BEACH, Fla., Sept. 7 /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 sale of a development
parcel in Miramar, Florida for total consideration of $1.5 million with an
associated gain on sale of approximately $150,000, and has also completed the
sale of Millervillage shopping center in Baton Rouge, Louisiana for total
consideration of $2.7 million with an associated gain on sale of approximately
$1.1 million. The gains will be recognized in the third quarter of 2004.
Millervillage is a 94,559 square foot shopping center located at the
intersection of Millerville Road and the Old Hammond Highway in Baton Rouge. The Property was built in 1983, was renovated in 1992 and was 34% occupied at
the time of the sale. The Miramar development parcel is an approximately 2.0
acre site located about three miles from Interstate 75 in southwest Broward
County.
"We are pleased to have completed the sales of the Miramar development parcel
and of Millervillage shopping center," stated Chaim Katzman, Chairman and Chief
Executive Officer of Equity One, "and remain committed to an active process of
selling non-core assets." 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 20.6
million square foot portfolio consists of 186 properties located primarily in
metropolitan areas of the southern United States, encompassing 128
supermarket-anchored shopping centers, 9 drug store-anchored shopping centers,
44 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 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 & CFO
305-947-1664 Media Contact:
David Schull 305-446-2700
DATASOURCE: Equity One, Inc.
CONTACT: Howard Sipzner, EVP & CFO, Equity One, Inc., +1-305-947-1664, or Media, David Schull, +1-305-446-2700, for Equity One Web site: http://www.equityone.net/
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