ShopOne Disposes of Nine Shopping Centers in the Midwest
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, today announced that it sold nine properties located through the Midwest to Albanese Cormier Holdings. The nine property portfolio was held through an affiliated entity. The purchase price was not disclosed.
The disposition of these assets reduces ShopOne’s exposure to the Midwest. ShopOne plans to use the sale proceeds to further diversify its portfolio by acquiring grocery-anchored shopping centers located in the top-50 metropolitan statistical areas (“MSAs”) that can benefit from its proven value creation strategy.
“We remain laser focused on constructing a highly diversified portfolio of grocery-anchored shopping centers situated in markets that exhibit strong long-term employment and demographic fundamentals,” said John Roche, Chief Executive Officer and Chief Financial Officer of ShopOne. “The sale of these assets directly aligns with this strategy, and we plan to leverage the proceeds to fund new investment opportunities.”
The nine disposed assets were all located in markets outside the top-50 MSAs including: Grand Rapids-Kentwood, MI; Akron, OH; Toledo, OH; Huntington-Ashland, WV/KY/OH; Terre Haute, IN; and, Michigan City-La Porte, IN.
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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