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JACKSONVILLE, FL-Equity One Inc. has pocketed a gross profit of $7 million on the nearly $17.3 million sale of three non-core Florida assets and plans to continue the strategy for the rest of the year, according to company chairman and CEO Chaim Katzman.

"We will continue to take advantage of the strong real estate markets to recycle capital from non-core assets to more strategic acquisitions, developments and redevelopments in our target markets," Katzman says.

The North Miami Beach-based developer closed sales on the 8,700-sf, 100%-leased, four-year-old Losco Corners in Jacksonville; the 85,426-sf, 78%-leased East Bay Plaza in Largo, which the REIT has owned since 1993; and the 204,551-sf, 73%-leased Gulf Gate Plaza in Naples which Equity One acquired in 2003 from IRT Properties.

Equity One received about $57.75 per sf for a total 298,677 sf in the three properties. The individual corporate buyers, all Florida-based, were Gulf Gate Plaza LLC, East Bay Plaza LLC and Losco Corners LLC. Equity One will post the gains on the transactions for the fourth quarter.

Gulf Gate Plaza and East Bay Plaza were sold for a combined $15.6 million or $53.79 per sf. Losco Corners was sold for almost $1.7 million or $189.66 per sf, one of the highest per-sf prices posted in Central and North Florida this year, Jacksonville area retail brokers tell GlobeSt.com. Equity One developed Losco Corners in 2000.

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Equity One Sheds Non-Core Assets

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