Equity One Completes the Sale of Forrest Gallery Shopping Center
in Tullahoma, Tennessee
NORTH MIAMI BEACH, Fla., July 20 /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 its Forrest
Gallery Shopping Center in Tullahoma, Tennessee for total consideration of
$10.5 million, and will recognize a gain on the sale of approximately $1.6
million in the third quarter of 2004.
Forrest Gallery is a 214,450 square foot shopping center which is anchored by a
Kroger supermarket, Peebles and a former Wal-Mart discount store sublet to
Tractor Supply, Goodwill and Hastings Music, and which was 94.6% leased overall
at the time of the sale. The Property was constructed in 1987 and is located
at the intersection of Jackson Street and Cedar Lane in Tullahoma, Tennessee.
"We are pleased to have completed the sale of Forrest Gallery which we acquired
in connection with the IRT merger transaction in 2003," stated Chaim Katzman,
Chairman and Chief Executive Officer of Equity One, "and remain committed to an
active process of selling non-core assets and recycling the capital into higher
growth, urban infill properties in our target 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 189 properties located primarily in
metropolitan areas of the southern United States, encompassing 128
supermarket-anchored shopping centers, 10 drug store-anchored shopping centers,
45 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 & CFO
305-947-1664 Media Contact:
David Schull 305-446-2700
DATASOURCE: Equity One, Inc.
CONTACT: Howard Sipzner, EVP & CFO, Equity One, +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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