ShopOne Acquires Lake Ridge Commons in Woodbridge, VA as Part of Joint Venture Targeting Grocery-Anchored Retail Assets
NEW YORK (BUSINESS WIRE) - ShopOne Centers REIT Inc. (“ShopOne”), a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, today announced that it, together with its joint venture partners, Pantheon and a leading global institutional investor, have entered the state of Virginia with the acquisition of Lake Ridge Commons, a 74,367 square-foot Giant Food anchored shopping center located in Woodbridge, Virginia.
Situated in a densely populated and affluent suburban community approximately 20 miles southwest of Washington D.C., Lake Ridge Commons features a 52,706 square-foot Giant Food, the top grocer by market share in the Washington D.C. MSA. In addition to Giant Food, which has been in occupancy at the property since 1987, the existing tenant roster features a diverse and highly complementary mix of regional and local retailers that includes Banfield Pet Hospital and YogaSix. The property is situated at a signalized intersection along Old Bridge Road, the submarket’s primary east-west thoroughfare, which sees daily traffic of over 39,000 vehicles. A population of more than 217,000 people, with an average household income of over $132,000, lives within five-miles of the center.
“We are pleased to enter Virginia and expand our presence in the Mid-Atlantic region with the acquisition of Lake Ridge Commons, a seasoned and high-performing shopping center located in a mature retail submarket,” said Chris Reed, Chief Investment Officer at ShopOne. “We look forward to becoming part of the local community and leveraging our proven operating platform to enhance the property in a way that drives value for residents and our investors.”
Virginia is the second east coast state the joint venture has entered in September. Earlier this month, the companies acquired Shoppes on the Parkway, an approximately 40,000-square-foot shopping center situated in Cary, North Carolina, an infill submarket of Raleigh. The joint venture has more than $1 billion of investment capacity and features a $225 million senior credit facility providing debt capital for the initial portfolio and future acquisitions. With a strong acquisitions pipeline, the joint venture is actively working to expand across its target markets.
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.
Pantheon is a leading global private markets firm currently investing on behalf of approximately 900 investors, including public and private pension plans, insurance companies, endowments and foundations. Pantheon has an established reputation across private market asset classes, covering all stages and geographies, and provides investment solutions that include flagship fund offerings, as well as integrated programs and customized solutions.
As of March 31, 2022, Pantheon had $87.8 billion assets under management and advice and the firm currently has more than 400 employees located across its offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Its global workforce includes more than 120 investment professionals.
+44 20 3356 1763
Article on Business Wire:
ShopOne and its JV Partners Expand Presence in New England, Acquiring Grocery-Anchored North Providence Marketplace Shopping Center in Rhode Island
ShopOne Announces Five Below is Coming to Southampton Shopping Center in Northern Philadelphia in Fall 2023
Signs 9,000 sq ft lease agreement with nation’s leading high-growth value retailer
ShopOne and its JV Partners Continue Adding Scale in Georgia, Acquiring Kroger-Anchored Sharon Greens Shopping Center in the Atlanta MSA
Becomes third grocery-anchored neighborhood shopping center the partnership has added in Georgia since December 2022 Marks 13th asset the JV has purchased since announcing its formation in March 2022