ShopOne and Partners Expand Florida Portfolio with Acquisition of Two Grocery-Anchored Shopping Centers
ShopOne Centers REIT Inc. (“ShopOne”), in collaboration with joint venture partners Pantheon and a leading global institutional investor, has announced the acquisition of two grocery-anchored shopping centers in Florida: Midway Plaza in Miami-Fort Lauderdale and Lithia Square in Tampa. These properties, acquired through separate transactions, increase the number of grocery-anchored 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,” said Chris Reed, CEO of ShopOne. “Florida remains one of the country’s most attractive states due to its robust job growth, favorable climate, and tax advantages. These acquisitions provide us with an opportunity to leverage these favorable conditions and enhance the performance and value of these assets for our community and investors.”
Midway Plaza, a 218,400 square-foot center currently 84% occupied, is anchored by Publix and situated in Tamarac, Broward County’s third most populous area. The center serves a densely populated region with around 85,000 people within a two-mile radius and 187,000 within three miles. It is positioned near several new residential developments, including over 1,600 units planned or under construction. Publix and Ross Dress for Less have been anchor tenants at Midway Plaza for more than 35 years, generating strong sales and high repeat traffic.
Lithia Square, a 79% occupied, 69,007 square-foot center anchored by Walmart, is located in Brandon, a rapidly growing community southeast of Tampa. ShopOne plans to implement strategic leasing upgrades, exterior renovations, and other improvements to enhance the property’s value. Lithia Square serves an area with approximately 101,000 residents within a three-mile radius and an average household income of $115,000.
The addition of Midway Plaza and Lithia Square brings the JV’s total grocery-anchored shopping center portfolio to 17 properties, encompassing over 1.8 million square feet.
About ShopOne
ShopOne Centers is a comprehensive investment, management, and operating platform dedicated to U.S. grocery-anchored neighborhood shopping centers through joint ventures with institutional investors. ShopOne’s centers are located in established trade areas and feature a mix of non-discretionary, value-oriented, and grocery retailers. The company aims to maximize portfolio value through strategic rent increases, improved occupancy, and value-enhancing redevelopment. For more information, visit ShopOne.com.
About Pantheon
Pantheon is a leading firm in private markets investing with over 40 years of experience. Known for innovative solutions across private equity, real assets, and private credit, Pantheon manages approximately $65 billion in discretionary assets (as of December 31, 2023). Partnering with over 650 clients, including institutional investors and private wealth advisers, Pantheon leverages its global team and expertise to build secure financial futures.
