ShopOne REIT Lands $325M in Financing
Commercial Observer (November 14, 2017)—KeyBanc Capital Markets has provided a $325 million senior credit facility to ShopOne Centers REIT, a recently launched private real estate investment trust that specializes in grocery-anchored shopping centers, Commercial Observer can first report.
Huntington Bank, Regions Financial Corporation and BBVA Compass were joint lead arrangers on the debt—a four-year loan with an option for a one-year extension. The new facility includes a $150 million revolving component.
Funds affiliated with Davidson Kempner Capital Management holds the bulk of the equity of ShopOne, which launched in October. The investment trust currently has 47 shopping centers in nine states comprising about 5 million square feet, most of which were acquired from Devonshire REIT. Huntington Bank has previously transacted with ShopOne’s predecessor companies, Michael Carroll, ShopOne’s chief executive officer told CO via a spokeswoman.
New REIT a Breath of Fresh Air for Retail
(Real Estate Weekly)—ShopOne is buying up shopping centers around the country. But instead of traditional enclosed malls, the firm is seeking open-air shopping centers.
Executive of the Month: Michael Carroll
New York, NY—The New York Real Estate Journal recently sat down with Michael Carroll, CEO at ShopOne Centers REIT for a question and answer session.
ShopOne Ready to Go on Offense in 2018
(Nareit.com)—Privately held ShopOne Centers REIT, Inc. launched in October 2017 with a portfolio and a plan.