ShopOne and JV Partners Expand Portfolio in Florida with Acquisition of Two Value-Add Grocery-Anchored Shopping Centers
ShopOne Centers REIT Inc. (“ShopOne”), along with its joint venture partners Pantheon and a leading global institutional investor, today announced the acquisition of two grocery-anchored shopping centers in Florida: Midway Plaza in Miami-Fort Lauderdale and Lithia Square in Tampa. These acquisitions, conducted through two independent transactions, bring the number of grocery-anchored, necessity-based shopping centers in the JV’s Florida portfolio to four.
“We are very pleased to acquire two grocery-anchored shopping centers in Florida with such strong upside potential,” stated Chris Reed, CEO of ShopOne. “Florida remains one of the country’s most popular states for families and transplants due to its robust job growth, moderate climate, and tax-friendly environment. These two assets offer us a unique opportunity to capitalize on these fundamentals and, by strengthening their underlying performance and merchandising mix, generate significant value for the community and our investors alike.”
The 218,400 square-foot, 84% occupied Midway Plaza is anchored by Publix and is located in Tamarac, Broward County’s third most populous community. The center serves a densely populated trade area with an estimated 85,000 and 187,000 people residing within a two- and three-mile radius, respectively. Midway Plaza will also benefit from its proximity to multiple new residential developments, including over 1,600 units planned or under construction. The property’s anchor tenants – Publix and Ross Dress for Less – have operated at the center for over 35 years and continue to generate strong sales and high repeat traffic.
The Walmart-anchored, 79% occupied, 69,007 square-foot Lithia Square is located in Brandon, a vibrant and growing community southeast of Tampa. ShopOne anticipates executing strategic leasing upgrades, exterior renovations, and other improvements to unlock the property’s significant upside. Lithia Square serves a trade area of approximately 101,000 people within a three-mile radius, with an average household income of $115,000.
The acquisitions of Midway Plaza and Lithia Square increase the number of grocery-anchored shopping centers in the JV’s portfolio to 17, totaling more than 1.8 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.
Pantheon has 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 $65 billion in discretionary assets under management as of December 31, 2023.
Leveraging specialized experience and a global team of professionals across Europe, the Americas, and Asia, Pantheon invests with purpose and leads with expertise to build secure financial futures.
