ShopOne and its JV Partners Expand Portfolio In Florida, Acquiring Two Value-Add Grocery-Anchored Shopping Centers
01 Agosto 2024 - 7:00AM
Business Wire
ShopOne Centers REIT Inc. (“ShopOne”), together with its joint
venture partners Pantheon and a leading global institutional
investor, today announced the acquisition of two grocery-anchored
shopping centers in Florida: Midway Plaza in Miami-Fort Lauderdale
and Lithia Square in Tampa. The properties were acquired in two
independent transactions, and bring the number of grocery-anchored,
necessity-based shopping centers in the JV’s Florida portfolio to
four.
“We are very pleased to acquire two grocery-anchored shopping
centers in Florida with such strong upside potential,” stated Chris
Reed, CEO of ShopOne. “Florida has been and will continue to be
among the country’s most popular states for families and
transplants alike given it’s robust job growth, moderate climate
and tax-friendly environment. These two assets provide us with a
unique opportunity to capitalize on these fundamentals and, by
strengthening their underlying performance and merchandising mix,
generate significant value for the community and our investors
alike.”
The 218,400 square-foot, 84% occupied Midway Plaza is anchored
by Publix and is located in Tamarac, Broward County’s third most
populous community. The center serves a densely populated trade
area with an estimated 85,000 and 187,000 people residing within a
two- and three-mile radius, respectively. Midway Plaza will also
benefit from its proximity to multiple new residential
developments, including over 1,600 units planned or under
construction. The property’s anchor tenants – Publix and Ross Dress
for Less – have operated at the center for over 35 years and
continue to generate strong sales and high repeat traffic.
The Walmart-anchored 79% occupied 69,007 square-foot Lithia
Square is located in Brandon, a vibrant and growing community
located southeast of Tampa. ShopOne anticipates executing on a
series of strategic leasing upgrades, exterior renovations and
other improvements to unlock the property’s significant upside.
Lithia Square serves a trade area of approximately 101,000 people
within a three-mile radius with an average household income of
$115,000.
The acquisitions of Midway Plaza and Lithia Square increase the
number of grocery-anchored shopping centers in the JV’s portfolio
to 17 totaling more than 1.8 million square feet.
About ShopOne
ShopOne Centers is a fully integrated investment, management and
operating platform focused exclusively on designing and executing
strategies in U.S. grocery-anchored neighborhood shopping centers
through joint venture partnerships with institutional investor
clients. The Company’s retail centers are located in established
trade areas and are supported by a diverse mix of
non-discretionary, value-oriented and grocery retailers. ShopOne is
committed to maximizing the value of its portfolio by capitalizing
on embedded growth opportunities through driving rents, increasing
occupancy and pursuing value-enhancing redevelopment opportunities.
To learn more about ShopOne, please visit ShopOne.com.
About Pantheon
Pantheon has been at the forefront of private markets investing
for more than 40 years, earning a reputation for providing
innovative solutions covering the full lifecycle of investments,
from primary fund commitments to co-investments and secondary
purchases, across private equity, real assets and private
credit.
We have partnered with more than 650 clients, including
institutional investors of all sizes as well as a growing number of
private wealth advisers and investors, with approximately $65bn in
discretionary assets under management (as of December 31,
2023).
Leveraging our specialized experience and global team of
professionals across Europe, the Americas and Asia, we invest with
purpose and lead with expertise to build secure financial
futures.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801329066/en/
Media Contacts:
For ShopOne Matthew Chudoba
matthew.chudoba@icrinc.com
For Pantheon Ashley Wassall
ashley.wassall@pantheon.com