Equity One Completes the Sale of Its Four Plymouth Park
Properties
NORTH MIAMI BEACH, Fla., Sept. 27 /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 portfolio sale of
Plymouth Park North, South, East and West, a series of four adjoining retail
properties located in Irving, Texas for total consideration of $24 million,
including the buyer's assumption of approximately $11.8 million of existing
financing and our extension of a $4.7 million 7.25% second mortgage with an
initial three-year term. The resulting gain on sale of approximately $2.1
million will be recognized in the third quarter of 2004.
The four Plymouth Park properties total 728,566 square feet with an overall
occupancy of 72%, and are clustered around the intersection of Irving Boulevard
with Story Road and Grauwyler Boulevard in Irving, Texas. Plymouth Park North
is a 444,099 square foot retail center anchored by Dollar General, a thrift
store, the U.S. Post Office, Chateau Theatre and Levine's and is 58% occupied.
Plymouth Park West is a 178,930 square foot retail center anchored by Bargain
City, Dollar Store and Fashion Depot and is 96% occupied. Plymouth Park East
is a 56,435 square foot retail center anchored by a Kroger supermarket and is
97% occupied. Lastly, Plymouth Park South is a 49,102 square foot retail
center anchored by Betcha Bingo and is 78% occupied.
"We are pleased to have completed the sale of the four Plymouth Park properties
we acquired in 2001 as part of the Centrefund Realty (U.S.) Corporation
acquisition," 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 19.9
million square foot portfolio consists of 182 properties located primarily in
metropolitan areas of the southern United States, encompassing 127
supermarket-anchored shopping centers, 9 drug store-anchored shopping centers,
41 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/
|