The property generates a net operating income of $320,000 annually, Equity One chairman Chaim Katzman says in a prepared statement. The site is five miles south of Stuart, FL and 35 miles north West Palm Beach. The purchase includes eight acres of contiguous land for future development.

The New York Stock Exchange-traded REIT has an 8.5-million-sf portfolio comprised of 87 properties in Florida and Texas. The portfolio has 55 supermarket-anchored shopping centers, eight drugstore-anchored centers, 18 other retail-anchored properties and four commercial locations.

To beef up its administrative side, Weitzman has hired David W. Briggs as chief accounting officer. The 41-year-old CPA comes from Westfield America where he was vice president/management accounting for four years. Westfield owns interests in 39 major retail centers.