Exhibit 99.1
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Equity One, Inc. For additional information at the Company:
1696 NE Miami Gardens Drive Howard Sipzner, EVP & CFO
North Miami Beach, FL 33179 Media Contact:
305-947-1664 David Schull 305-446-2700
FOR IMMEDIATE RELEASE:
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Equity One, Inc. Completes Acquisition of Two Kroger Anchored Centers
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NORTH MIAMI BEACH, FL, March 24, 2004 - 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 separate acquisitions of Creekside Plaza
Shopping Center in Arlington, Texas and The Village Center in Southlake, Texas
for total consideration of $31.5 million. Both properties are unencumbered, and
Equity One funded the purchase costs from its unsecured line of credit.
Creekside Plaza is a 101,016 square foot shopping center anchored by a 60,932
square foot Kroger Signature supermarket, Hollywood Video and Washington Mutual.
The center includes 28,384 square feet of local tenant space and is currently
100% leased. The first phase of Creekside Plaza was completed in 1997 with the
second phase completed the following year. The center is situated on 18.9 acres
at the intersection of State Highway 360 and Green Oaks Boulevard in Arlington,
Texas. In connection with the purchase, Equity One acquired a 2.5 acre pad site
and additional unimproved land for future development of approximately 5,000
square feet of additional retail space. The population within a one-mile radius
has increased over 75% since 1990 and is expected to increase an additional
19.5% between 2002 and 2007.
The Village is a 118,092 square foot shopping center anchored by a 60,932 square
foot Kroger Signature supermarket. The balance of the center consists of 57,160
square feet of local space and is currently 96% leased. The center was completed
in 1996 on a 13.1-acre site and is located at the northeast corner of Southlake
Boulevard and Village Center Drive just west of State Highway 114 in Southlake,
Texas, approximately 15 miles northwest of Dallas and 10 miles northeast of Fort
Worth. Southlake is considered one of the most affluent cities within the
Dallas-Fort Worth metroplex, and has experienced 10% growth in population since
2000 and 238% over the most recent 12-year period. "These two shopping centers
are anchored by the area's leading grocer in densely populated, infill locations
with significant barriers to entry," stated Chaim Katzman, Chairman and Chief
Executive Officer of Equity One. "They represent prime examples of the type of
product we will continue to seek to acquire to expand our substantial market
position in Texas and throughout the southern United States."
About Equity One, Inc.
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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 187 properties located primarily in
metropolitan areas of the southern United States, encompassing 126
supermarket-anchored shopping centers, 10 drug store-anchored shopping centers,
44 other retail-anchored shopping centers, two commercial properties and five
retail
developments, as well as non-controlling interests in two unconsolidated joint
ventures. For additional information, please visit our web site at
www.equityone.net.
Forward Looking Statements
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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 successfully
to 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.