The offering is expected to close May 19. Deutsche Bank Securities Inc. is underwriting the shares. Equity One has granted Deutsche Bank Securities the option to buy up to an extra 450,000 shares to cover over-allotments. The stock is being offered through a prospectus supplement under Equity One's existing shelf registration statement.

"Initially, Equity One will use the money raised to pay down our line of credit," Howard Sipzner, Equity One's chief financial officer, tells GlobeSt.com. "Then, we will use it to fund a combination of transactions, additional acquisitions, and development and redevelopment projects."

Equity One acquires, develops, renovates and manages neighborhood shopping centers that are anchored by regional and national grocery store chains and other necessity retailers, including drug stores and discount retailers. The company's properties are mainly in high-growth areas in the southern United States. At the close of the first quarter, the company owned 179 properties in 12 states.