ShopOne Acquires First New York Property in Hubbards Commons
NEW YORK (Business Wire)—ShopOne Centers REIT Inc., (“ShopOne” or the “Company”) a leading owner, operator and manager of high-quality grocery-anchored shopping centers, is pleased to announce its acquisition of Hubbards Commons, a 65,970 square-foot shopping center in West Babylon, New York. The purchase marks ShopOne’s first shopping center in New York, as it continues to grow its national portfolio within the densely populated markets along the I-95 corridor. ShopOne recently acquired properties in Philadelphia and Washington, D.C.
“This acquisition presented us a strong opportunity to break into the competitive Long Island and suburban New York market. Adding Hubbards Commons to our portfolio helps exemplify our core strategy acquiring grocery-anchored shopping centers in fundamentally strong, densely populated markets.”
Hubbards Commons, which will be anchored by one of the first Lidl locations (36,000 square feet) in Long Island when it opens in 2020, is home to a strong, diverse mix of national and local tenants including Orangetheory Fitness, Rite Aid, Subway and U-Need-A Bagel. ShopOne also has the opportunity to develop an additional 10,900 square-feet of space on an existing pad.
“With fitness, restaurant and daily needs tenants, backed by a strong grocery anchor, Hubbards Commons creates a unique one-stop destination for the nearly 150,000 residents within a three-mile radius of the center,” said John Roche, CEO and CFO of ShopOne. “This acquisition presented us a strong opportunity to break into the competitive Long Island and suburban New York market. Adding Hubbards Commons to our portfolio helps exemplify our core strategy acquiring grocery-anchored shopping centers in fundamentally strong, densely populated markets.”
Hubbards Commons is located along Sunrise Highway, a major commercial thoroughfare connecting Long Island to New York City. The property is 98 percent leased.
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The Company’s retail centers are located in established trade areas and are supported by a diverse mix of highly productive 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.
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Experienced real estate executive’s career spans more than 25 years, predominantly with leading publicly traded REITs