ShopOne Adds Grocery-Anchored Shopping Center McKinley Crossroads to Portfolio
CORONA, CALIFORNIA (Business Wire) ShopOne Centers REIT Inc., (“ShopOne”) a private real estate investment trust (“REIT”) focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers, today announced the acquisition of McKinley Crossroads, a 13.89-acre site located at 275 Teller Street in Corona, CA.
The three-building property is composed of both local and national tenants, which include anchors 24-Hour Fitness and Simply Fresh Market. This acquisition marks ShopOne’s entry into the California market.
"We are pleased to add McKinley Crossroads to ShopOne’s new and growing portfolio,” said Michael Carroll, Chief Executive Officer, ShopOne Centers REIT, Inc. “The property is an income-producing, retail center that offers a tremendous growth opportunity. We view this as a strategic acquisition and look forward to redeveloping and repositioning the center with best-in-class retailers looking to capitalize on the property’s unparalleled visibility to Riverside Freeway. In addition, we will be investing capital to improve the curb appeal of the property with a new parking lot, energy efficient lighting, enhanced signage and façade upgrades.”
Built in 1989 and renovated in 2000, McKinley Crossroads is a 202,134-square-foot single story community retail center. The property is located in the city of Corona, parallel to Riverside Freeway (State Route 91) and is conveniently situated near a four-way highway interchange. Corona is located approximately 45 minutes southeast of Los Angeles.
ShopOne Centers REIT Inc. is a private real estate investment trust that is focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers in densely populated, fundamentally strong markets across the country. ShopOne and its affiliates own and/or manage 47 shopping centers in nine states with appx. 5 million square feet of gross leasable area. Many of the nation’s leading necessity-based retailers including Kroger, Target, and TJX call ShopOne’s properties home.
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