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ShopOne Enters Washington D.C. Market with Acquisition of Eastgate Shopping Center in Lanham, Maryland

January 10, 2019

NEW YORK--(BUSINESS WIRE)--Jan 10, 2019--ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a leading owner, operator and manager of high-quality grocery-anchored shopping centers, today announced its entry into the Washington, D.C. market with the acquisition of Eastgate Shopping Center, a 138,779 square-foot shopping center located in Lanham, Maryland. This strategic transaction advances ShopOne’s strategy of owning well-located grocery-anchored shopping centers in densely populated, fundamentally strong markets across the country.

Eastgate Shopping Center is anchored by a 56,526 Giant Food, the leading market share grocer in the region. The property also features a diverse mix of leading national, regional and local retailers including McDonald’s, KFC, Huddle House, Drake’s Place Salon World, SoBe Restaurant and Lounge, Ernie’s Crabhouse, PhysioCare, Curves, and Eastgate Liquors. ShopOne intends to leverage its proven platform to enhance Eastgate Shopping Center’s value through operational and capital improvements.

“We are pleased to continue our growth along the I-95 corridor by capitalizing on the rare opportunity to purchase a well-located asset that is anchored by the region’s leading grocer,” said Michael Carroll, Chief Executive of ShopOne. “Eastgate Shopping Center marks our third acquisition in this dense, high barrier to entry corridor and we intend to continue to scale our growth along this major roadway. We are confident that our leasing and management expertise can allow us to maximize the upside at the property.”

Eastgate Shopping Center sits in a densely populated suburb of Washington, D.C. that includes a population of over 171,000 and an average household income of over $105,000 within a five-mile radius. The property sits within highly traveled thoroughfare on Greenbelt Road, which sees over 40,000 vehicles per day.

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190110005730/en/

CONTACT: Brendan Terry

ICR

(203) 682-8212

Brendan.Terry@icrinc.com

KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA NEW YORK

INDUSTRY KEYWORD: REIT RETAIL CONSTRUCTION & PROPERTY SUPERMARKET COMMERCIAL BUILDING & REAL ESTATE OTHER RETAIL

SOURCE: ShopOne Centers REIT Inc.

Copyright Business Wire 2019.

PUB: 01/10/2019 04:19 PM/DISC: 01/10/2019 04:19 PM

http://www.businesswire.com/news/home/20190110005730/en

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