ShopOne Sheds Midwest Shopping Centers to Albanese Cormier Holdings

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.