Zacks_Analysts' Blog : Equity One Acquires Shopping Center - Analyst Blog

Equity One Inc. (EQY) recently announced the acquisition of a shopping center named 90-30 Metropolitan Avenue, spanning 60,000 square feet located in Forest Hills, New York for $28.8 million.

The center is currently 93.0% occupied. The shopping center is located in one of the most prosperous and dense neighborhoods in Queens and is one of the most under-retailed area, with high barriers to entry.

Moreover, Equity One recently announced its plans to sell a 213,000 square foot office building named Pacific Financial Center for $49.5 million, which is held in a joint venture where the company has a 50% interest.

The company is continuing with its portfolio repositioning program as it focuses on higher growth markets with better opportunities. As per the repositioning program, the company intends to acquire high quality retail assets and dispose non-core properties.

Equity One is a real estate investment trust (REIT) that owns, manages and develops community shopping centers in the United States. As of June 30, 2011, the company owned or had interests in 199 properties, consisting of 176 shopping centers totaling 20.7 million square feet.

Additionally, Equity One had joint venture interests in 16 shopping centers, 3 office buildings and one apartment building totaling approximately 3.2 million square feet.

Equity One currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Regency Centers Corporation (REG) also holds a Zacks #3 Rank.