ShopOne Acquires Shoppes on the Parkway in the Raleigh MSA 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, has acquired Shoppes on the Parkway, an approximately 40,000 square foot neighborhood shopping center situated in Cary, North Carolina, an infill submarket of Raleigh. Shoppes on the Parkway marks the joint venture’s first acquisition in Raleigh and aligns with its strategy to acquire well-located necessity and value-oriented grocery-anchored shopping centers in high growth markets throughout the top-100 Metropolitan Statistical Areas.
Located approximately 6 miles south of the Research Triangle Park and 10 miles west of downtown Raleigh, Shoppes on the Parkway is positioned in the heart of the affluent and densely populated neighborhoods of Cary, with 93,015 people living within 3-miles, achieving an average household income of more than $136,000. The property, which is 96 percent leased, is anchored by a high performing Fresh Market grocer and contains a diverse roster of local and regional tenants that provide necessity-goods and services that cater to the local residential population.
“We are very pleased to mark our entry into Raleigh with Shoppes on the Parkway. Like other grocery-anchored properties in our portfolio, this property, and its tenants, have proven their resilience over the past 24 months and clearly play a vital role in serving the needs of the surrounding neighborhoods and communities,” stated Chris Reed, Chief Investment Officer for ShopOne. “We plan to leverage our institutional knowledge and platform to unlock additional value for our tenants, investors and the neighborhoods that this property serves. We look forward to further growing our presence in this market and to being a trusted partner for this vibrant community.”
Shoppes on the Parkway is also the first acquisition announced by the joint venture, which was launched in the first quarter of 2022. ShopOne contributed an existing portfolio of assets consistent with the partnership’s target investment criteria, with the partners each investing additional capital to create investment capacity totaling more than $1 billion. The joint venture closed on a then-newly-created $225 million senior credit facility providing debt capital for the initial portfolio and future acquisitions.
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.
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