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ShopOne Centers REIT Launches with 46 Grocery-Anchored Centers

National REIT Formed through Merger Acquisition of Devonshire REIT
October 4, 2017
ShopOne recently acquired Conyers Commons, a 118,420-square-foot shopping center in Conyers, GA
ShopOne recently acquired Conyers Commons, a 118,420-square-foot shopping center in Conyers, GA
Funds managed by Davidson Kempner Capital Management in New York have launched ShopOne Centers REIT Inc., , a private real estate investment trust focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers.

The company comes to market with a high-quality, geographically diverse portfolio. ShopOne and its affiliates own and/or manage 46 shopping centers in eight states from Michigan to Georgia with more than 4.65 million square feet of gross leasable area. The majority of the properties were acquired through a merger of Devonshire REIT Inc., of which Michael Carroll was CEO.

Carroll, also former CEO of Brixmor Property Group, will head up ShopOne as CEO and will be assembling an executive team.

ShopOne aims to purchase well-located shopping centers in densely populated, fundamentally strong markets across the country. The company is looking to take advantage of dislocation in the retail marketplace to acquire assets at attractive valuations to replacement cost and enhance net asset value through operational and capital improvements.

"We believe strongly in the long-term fundamentals supporting continued investment in shopping centers anchored by top-performing grocers, leading discounters and off-price apparel retailers," Carroll said. "We intend to be very active in the market as we seek to grow our portfolio and gain scale in high-density, in-fill metro areas. With a proven operating platform, deep institutional knowledge of the dynamic retail landscape and an extensive professional network, we are well-positioned to carry out our business objectives."

Despite the challenges facing the broader retail industry, necessity-based retailers such as grocery stores, restaurants and fitness centers continue to perform well. New development continues to be at historically low levels and the retail sector continues to experience high occupancy, creating demand and opportunity for well-located retail centers to accommodate new tenants through repositioning and redevelopment, Carroll said. ShopOne intends to capitalize on this favorable supply/demand dynamic through strategic acquisitions and by pursuing value-enhancing redevelopment and leasing initiatives.

In line with its growth strategy, ShopOne recently acquired Conyers Commons, a 118,420-square-foot shopping center in Conyers, GA, for $8.97 million. The center is anchored by Target and is ideally situated on the major thoroughfare of the trade area. National tenants within the center include Ross Dress for Less, Kirkland’s, Mattress Firm, FedEx Office, and Panda Express.

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