ShopOne Acquires Florida Shopping Center Anchored by Publix
New York, NY – (“ShopOne” or the “Company”) a leading owner, operator and manager of high-quality grocery-anchored shopping centers, today announced the acquisition of The Trails, a 135,286-square-foot market dominant retail center in Ormond Beach, Florida, the #3 Hottest Real Estate Market to Watch by Trulia in 2017.
The Trails is a Mediterranean-themed shopping destination located adjacent to the premier residential community that it is named after. The property is anchored by a highly productive, 36,866-square-foot Publix grocery store and serves an immediate population of nearly 90,000 in addition to large seasonal population of tourists and part-time residents. The center features a dynamic mix of local and national tenants including Talbot’s, Chico’s, LOFT, Dairy Queen, Anytime Fitness, White House-Black Market, Jos A Bank, BurgerIM, Sale and Pepe, Pacific Bistro and Supercuts, among others.
“Our acquisition of The Trails shopping center advances ShopOne’s core strategy of acquiring and operating high-caliber shopping centers in markets with strong fundamentals,” Michael Carroll, Chief Executive Officer of ShopOne, said. “The Trails presented us with a fantastic opportunity to expand our footprint to a densely populated and growing Florida market. In addition, we have several value add improvements planned which will serve to solidify The Trails position as the top shopping and dining destination in the market. The shopping center is the only one that serves the surrounding Trails community, along with the Tomoka Oaks Golf & Country Club and Lake Bridge communities, creating a robust customer base.”
The Trails has benefitted from recently completed capital improvements, including a new façade. With two nearby developments currently underway in The Ormond Renaissance, a 55+ community with 286 condos, and Antares, a 123-unit assisted living community, The Trails should benefit from increased foot traffic in the coming years.
About ShopOne Centers REIT Inc.
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The Company’s more than 49 retail centers 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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The Publix in The Trails Shopping Center could get a total renovation in the near future.