Ezon helped close the sale by taking back a $4.4 million firstmortgage at 6.65% interest. The asset has an estimated netoperating income of $700,000. To do the deal, Equity One created anew partnership and contributed its interest in the Diana Building,an 18,707-sf retail/office property in West Palm Beach, FL with anestimated value of $2.8 million and a net operating income of$259,000. Ezon can exchange its partnership interest in the newpartnership for 261,850 shares of Equity One common stock at aconversion price equal to $11 per share and a corresponding putoption at $11 per share.

In a prepared statement, Equity One chairman/CEO Chaim Katzmancalls Sarasota County "one of the fastest growing areas in thestate and an area we continue to emphasize in our acquisition andinvestment activities." Equity One Inc. acquires, renovates,develops and manages community and neighborhood shopping centers,primarily located in metropolitan areas of Florida. Its portfolioof 31 owned and 11 managed properties, includes 30 grocery-anchoredshopping centers, five drugstore-anchored shopping centers, twoother shopping centers and five mixed-use, office and retailproperties.