ShopOne and its JV Partners Expand Portfolio In Florida, Acquiring Two Value-Add Grocery-Anchored Shopping Centers

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 By Mike Bonts, Editor

NEW YORK- ShopOne Centers REIT Inc. (“ShopOne”), together 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. 

The properties were acquired in two independent transactions, and bring the number of grocery-anchored, necessity-based shopping centers in the JV’s Florida portfolio to four.

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 located southeast of Tampa. ShopOne anticipates executing on a series of 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.


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