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- ShopOne Acquires Two Grocery-Anchored Shopping Centers in Florida
ShopOne Acquires Two Grocery-Anchored Shopping Centers in Florida
Slice of Real Estate Team
August 08, 2024
Key Highlights:
ShopOne acquires Midway Plaza and Lithia Square in Florida.
Midway Plaza in Tamarac is 218,400 sq. ft., 84% occupied, anchored by Publix and Ross Dress for Less.
Lithia Square in Brandon is 69,007 sq. ft., 79% occupied, anchored by Walmart.
JV portfolio now includes 17 grocery-anchored centers, totaling over 1.8 million sq. ft.
Strategic upgrades planned to enhance property value and community benefits.
Source (Business Wire)
Notable Quote:
“We are very pleased to acquire two grocery-anchored shopping centers in Florida with such strong upside potential. Florida has been and will continue to be among the country’s most popular states for families and transplants alike given it’s robust job growth, moderate climate and tax-friendly environment. These two assets provide us with 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.”
Our Take:
The acquisition of Midway Plaza and Lithia Square by ShopOne, in collaboration with Pantheon and a leading global institutional investor, signifies a strategic move to bolster their presence in the thriving Florida market. These grocery-anchored centers are situated in densely populated and high-income areas, presenting substantial growth opportunities. ShopOne's focus on enhancing property performance through strategic leasing and renovations is poised to yield significant returns, both for the community and investors. This acquisition underscores the continued attractiveness of Florida's retail market, driven by demographic growth and economic stability.