ShopOne Purchases Southampton Shopping Center
NEW YORK--(BUSINESS WIRE)--Dec 14, 2018--ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a leading owner, operator and manager of high-quality grocery-anchored shopping centers, today announced its acquisition of Southampton Shopping Center, a 150,457 square-foot shopping center located in Southampton, Pennsylvania. This purchase marks ShopOne’s entry into the Philadelphia market and advances its strategy of owning well-located grocery anchored shopping centers in densely populated, fundamentally strong markets across the country.
Southampton Shopping Center is anchored by a market-leading, 59,892-square-foot Giant grocery store. Giant enjoys the highest market share in the Philadelphia metropolitan statistical area with nearly twice the share of its nearest competitor.
“Southampton Shopping Center provided us with an excellent opportunity to enter a key market with high barriers to entry,” said Michael Carroll, Chief Executive Officer of ShopOne. “Philadelphia is a target market for ShopOne and we are excited to have the opportunity to acquire a market dominant asset anchored by Giant. I am fortunate to have a long-standing relationship with the Giant team and I am thrilled to partner with them with them to maximize the performance of this property. In a continually evolving retail real estate market, this purchase of this center adds another stable, well-performing asset to our portfolio.”
Located 3.5 miles from the city limits of Northeast Philadelphia, Southampton Shopping Center is supported by strong demographic and economic fundamentals. The 5-mile radius surrounding the shopping center contains a population of over 210,000 with an average household income of over $98,000. Over the last three years, 74 percent of the in-place shop space at the property has executed lease renewals at rental rates that are on average 9 percent higher.
Southampton Shopping Center is features a unique mix of restaurants and shops including Saladworks, Robin Hood Restaurant, Tuesday Morning, Pennsylvania Wine & Spirits, and three banks with total deposits in excess of $317 million.
About ShopOne ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The Company’s more than 50 retail centers 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. To learn more about ShopOne, please visit www.ShopOne.com.
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CONTACT: Brendan Terry
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK PENNSYLVANIA
INDUSTRY KEYWORD: RESTAURANT/BAR PROFESSIONAL SERVICES REIT BANKING RETAIL CONSTRUCTION & PROPERTY SUPERMARKET COMMERCIAL BUILDING & REAL ESTATE WINE & SPIRITS
SOURCE: ShopOne Centers REIT Inc.
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PUB: 12/14/2018 08:30 AM/DISC: 12/14/2018 08:30 AM