NEW YORK CITY—Locally based ShopOne Centers REIT Inc., a leading owner, operator and manager of high-quality grocery-anchored shopping centers, today revealed that it sold nine properties located through the Midwest to Albanese Cormier Holdings. The nine property portfolio was held through an affiliated entity.
The purchase price was not disclosed but the disposition of these assets reduces ShopOne's exposure to the Midwest. According to a prepared statement, ShopOne plans to use the sale proceeds to further diversify its portfolio by acquiring grocery-anchored shopping centers located in the top-50 metropolitan statistical areas that can benefit from its proven value creation strategy.
"We remain laser focused on constructing a highly diversified portfolio of grocery-anchored shopping centers situated in markets that exhibit strong long-term employment and demographic fundamentals," said John Roche, Chief Executive Officer and Chief Financial Officer of ShopOne. "The sale of these assets directly aligns with this strategy, and we plan to leverage the proceeds to fund new investment opportunities."
The nine disposed assets were all located in markets outside the top-50 MSAs including: Grand Rapids-Kentwood, MI; Akron, OH; Toledo, OH; Huntington-Ashland, WV/KY/OH; Terre Haute, IN; and, Michigan City-La Porte, IN.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
