NEW YORK: ShopOne Centers REIT Inc., in collaboration with joint venture partners Pantheon and a prominent global institutional investor, has announced the acquisition of the Publix at Mt. Zion shopping center in Morrow, Georgia. This marks the fourth grocery-anchored neighborhood shopping center acquired by the joint venture within the Atlanta Metropolitan Statistical Area (MSA).
“We are pleased to further grow our presence in the Atlanta MSA with the recent acquisition of Publix at Mt. Zion. This acquisition exemplifies our strategy to acquire neighborhood grocery-anchored shopping centers in high-growth MSAs like Atlanta and add value for our investment partners through our proven operating platform and deep leasing network,” stated Chris Reed, Chief Investment Officer at ShopOne.
“Like our other three assets in the market, Publix at Mt. Zion benefits from strong repeat foot traffic and prime visibility while serving the daily shopping needs of the local community. We will continue looking to add scale in markets with similar growth profiles.”
The 79,031 square-foot property, boasting a 98.9% lease rate, is anchored by a well-established Publix supermarket that has served the community for over three decades. Situated at a key retail intersection along the Southlake regional shopping corridor, Publix at Mt. Zion is strategically positioned to serve a trade area of over 225,000 residents.
With an average household income projected to increase by 17.4% over the next five years, the area presents significant growth potential. The shopping center’s proximity to Hartsfield-Jackson Atlanta International Airport, less than seven miles away, further enhances its appeal.
The acquisition complements ShopOne’s existing portfolio in the Atlanta MSA, which includes Sharon Greens in Cumming, Bethesda Walk in Lawrenceville, and Kennesaw Walk in Kennesaw. Collectively, these assets span nearly 1.5 million square feet.
ShopOne Centers is dedicated to creating and managing investment strategies focused on U.S. grocery-anchored neighborhood shopping centers through joint ventures with institutional investors. Their commitment to maximizing portfolio value is evident in their approach to driving rents, increasing occupancy rates, and pursuing redevelopment opportunities that enhance value.
NEPI Rockcastle acquires Forum Gdansk Shopping Centre for €250 million
Leave a Reply