ShopOne Enters NYC MSA
- Dec 12, 2017
ShopOne Centers REIT Inc. has acquired Oak Park Commons, a 139,717-square-foot grocery-anchored shopping center in South Plainfield, N.J., marking its initial entry in the New York City MSA. The price was not disclosed.
“For us, we were looking to find something in a really strong demographic market, finding our first deal in the New York metro area and then honing in on that exact trade area,” Michael Carroll, ShopOne Centers REIT’s CEO, told Commercial Property Executive. “It’s really strong, with over 100,000 people within a three-mile radius of the site, and a preeminent location.”
Located at 913 Oak Tree Road, the property features three multi-tenant buildings and four single-tenant buildings. Anchored by ACME Markets, the property also features a diverse mix of national and local retailers including Advance Auto Parts, CVS, Dollar Tree, Goodyear Tire, McDonald’s and Wells Fargo Bank. Currently, the center is 98 percent occupied.
According to Carroll, the shopping center is surrounded by a highly educated, affluent, dense population with an average household income of more than $140,700. The property also benefits from its proximity to the Garden State Parkway, Interstate 287 and other major thoroughfares. The property is in strong shape, so there are no immediate renovations planned, but Carroll said there will eventually be some enhancements on the leasing side done.
An Evolving Strategy
ShopOne Centers REIT Inc. is focused on acquiring, operating and managing market-dominant, grocery-anchored shopping centers in densely populated, fundamentally strong markets across the country, and currently manages a portfolio of 48 shopping centers in nine states with nearly five-million square feet of gross leasable area.
“We’re trying to use this as an opportunity to really transform our portfolio and really substantially move up the quality spectrum,” Carroll said.
Last month, the company acquired McKinley Crossroads, a 202,134-square-foot retail center in Corona, Calif. Plans include the renovation of the center.
“Our portfolio today is not very geographically diverse, and we’re really trying to focus on becoming more diverse with targeting really strong in-fill markets and dense population corridors,” Carroll said. “The acquisitions that we’ve done since the summer have been in Atlanta, California and now New York markets. We’re trying to target to those stronger markets, and predominantly we are looking Mid-Atlantic, but out to the key coast markets, and chief among those are California.”
Image courtesy of ShopOne