Together with its joint venture partners Pantheon and a leading global institutional investor, New York-based ShopOne Centers REIT announced it has acquired Lake Ridge Commons, a 74,367-square-foot Giant Food-anchored shopping center in Woodbridge, Virginia.
Situated in a densely populated suburban community about 20 miles southwest of Washington D.C., Lake Ridge Commons features a 52,706 square-foot Giant Food. In addition, the tenant roster features a mix of regional and local retailers that includes Banfield Pet Hospital and YogaSix.
“We are pleased to enter Virginia and expand our presence in the Mid-Atlantic region with the acquisition of Lake Ridge Commons, a seasoned and high-performing shopping center located in a mature retail submarket,” said Chris Reed, chief investment officer at ShopOne.
“We look forward to becoming part of the local community and leveraging our proven operating platform to enhance the property in a way that drives value for residents and our investors.”
Virginia is the second East coast state the joint venture has entered in September. Earlier this month, the companies acquired Shoppes on the Parkway, a 40,000-square-foot shopping center situated in Cary, North Carolina. The joint venture has more than $1 billion of investment capacity and features a $225 million senior credit facility providing debt capital for the initial portfolio and future acquisitions.
ShopOne Centers is an investment, management and operating platform focused on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients. The company’s retail centers are located in established trade areas and are supported by a mix of non-discretionary, value-oriented and grocery retailers.
To learn more about ShopOne, visit ShopOne.com.