NEW YORK (BUSINESS WIRE) - ShopOne Centers REIT Inc. (“ShopOne”), together with its joint venture partners Pantheon and a leading global institutional investor, announced today that they have acquired Publix at Mt. Zion in Morrow, Georgia, marking the fourth grocery-anchored neighborhood shopping center the JV has acquired in the Atlanta MSA. Strategically located at the dominant retail corner of the Southlake regional shopping corridor, the 79,031 square-foot, 98.9% leased asset is anchored by a seasoned Publix supermarket that has been operating at the property for more than 30 years.

“We are pleased to further grow our presence in the Atlanta MSA with the recent acquisition of Publix at Mt. Zion. This acquisition exemplifies our strategy to acquire neighborhood grocery-anchored shopping centers in high-growth MSAs like Atlanta and add value for our investment partners through our proven operating platform and deep leasing network,” stated Chris Reed, Chief Investment Officer at ShopOne. “Like our other three assets in the market, Publix at Mt. Zion benefits from strong repeat foot traffic and prime visibility while serving the daily shopping needs of the local community. We will continue looking to add scale in markets with similar growth profiles.”

Located in a dense retail submarket in the Atlanta MSA, Publix at Mt. Zion caters to a trade area of more than 225,000 people, with an average household income that is expected to grow by 17.4% over the next 5 years. The property is located less than seven miles south of Hartsfield-Jackson Atlanta International Airport, and benefits from its dominant position in the heart of a critical mass of major national tenants Costco, Ross Dress for Less, LA Fitness, Best Buy, PetSmart, The Home Depot, TJ Maxx, and others.

The three other assets the JV owns in the Atlanta MSA are Sharon Greens in Cumming, Bethesda Walk in Lawrenceville, and Kennesaw Walk in Kennesaw. The venture’s portfolio consists of 15 properties totaling nearly 1.5 million square feet.

About ShopOne
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.

About Pantheon
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets and private credit.

We have partnered with more than 650 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $65bn in discretionary assets under management (as of December 31, 2023).

Leveraging our specialized experience and global team of professionals across Europe, the Americas and Asia, we invest with purpose and lead with expertise to build secure financial futures.

 

Article on Business Wire:

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