ShopOne Enters Metro New York City Market with Acquisition of Oak Park Commons
South Plainfield, N.J. (Business Wire)—ShopOne Centers REIT Inc., (“ShopOne”) a private real estate investment trust (“REIT”) focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers, today announced the acquisition of Oak Park Commons, a 139,717 square foot grocery-anchored shopping center in South Plainfield, New Jersey.
The acquisition of Oak Park Commons, which is 98 percent occupied, marks ShopOne’s entry into the New York City MSA. Situated at the corner of Oak Tree Road and Park Avenue, the ACME Markets-anchored property features a diverse mix of national and local retailers including CVS, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank.
“The purchase of Oak Park Commons aligns with our strategy of acquiring well-located shopping centers in densely populated, fundamentally strong markets across the country,” said Michael Carroll, Chief Executive Officer of ShopOne. “This property is particularly attractive considering its prime position in a major transportation corridor and the opportunity to unlock incremental value through operational and capital improvements.”
Oak Park Commons features three multi-tenant buildings and four single tenant buildings. The shopping center is surrounded by a highly educated, affluent, dense population with an average household income of more than $140,700. Oak Park Commons also benefits from its proximity to the Garden State Parkway, I-287 and other major thoroughfares.
ShopOne Centers REIT Inc. is a private real estate investment trust that is focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers in densely populated, fundamentally strong markets across the country. ShopOne and its affiliates own and/or manage 48 shopping centers in nine states with approx. 5 million square feet of gross leasable area. Many of the nation’s leading necessity-based retailers including Kroger, Target, and TJX call ShopOne’s properties home.
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