Doron Valero, president of Equity One, tells GlobeSt.com that the new properties are consistent with the company's acquisition strategy. "In general we are trying to acquire properties that are adjacent to our existing properties or ones that are good redevelopment opportunities. When you acquire a property next to one you already own, it's like an extension of your property."

Alfaya Village is a 39,477-sf shopping center on Colonial Boulevard. It is shadow anchored by a 49,000-sf Super Saver grocery center and sits diagonally across the street from the Publix-anchored Alfaya Commons shopping center. In addition to the $6.8-million purchase of the property, Equity assumed the $4.1-million balance on a 5.99% mortgage loan maturing August 2013. The property was 87% leased at the closing.

Sunpoint Shopping Center is a 132,374-sf shopping center on State Road 674/College Avenue. It is anchored by a 30,625-sf Bealls, a 10,356-sf Goodwill and a 9,500-sf Dove Carpets. The property sold for $7.7 million and was 72% leased at the time of closing.

Chapel Trail Plaza is a 56,378-sf shopping center on Pines Boulevard. At the time the plaza was put under contract for sale, it contained a vacant 51,703-sf anchor store. Before the sale closed, Equity signed a lease with L.A. Fitness to occupy the space. The shopping center is located just east of the Publix-anchored Shoppes of Silverlakes, which Equity owns.

Equity owns or has interest in 198 properties including 30 in two unconsolidated joint ventures totaling 20.4 million sf. In its first quarter earnings statement, Equity reported that FFO increased 10.7% during the first quarter, up from $30.6 million during the first quarter 2005. First quarter FFO per diluted share increased 9.8% to 45 cents from 41 cents during the same period a year ago. Net income for the quarter was $22.4 million compared to $21.8 million during the first quarter 2005.