March 17, 2010 (FinancialWire) — Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, said it has closed an underwritten public offering of 4.83 million shares of its common stock, including 630,000 shares issued pursuant to the underwriter’s over-allotment option.

The sale resulted in around $87.6 million of net proceeds to the company.

Concurrently with the closing of the public offering, MGN America, LLC, and Gazit America Inc., two entities affiliated with Equity One’s largest stockholder, Gazit-Globe, Ltd., purchased directly from the company an aggregate of 600,000 additional shares of common stock resulting in net proceeds to the company of approximately $11.0 million.

The company plans to use the net proceeds for the repayment of outstanding mortgage debt, acquisitions and general corporate purposes.

Florida-based Equity One owned or had interests in 182 properties as of December 31, 2009. The portfolio consists of 168 shopping centers comprising around 19.0 million square feet.

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