ShopOne JV Adds Two Publix & Walmart-anchored Strip Malls to South Florida Portfolio

ShopOne Centers REIT Inc., along with its joint venture partners Pantheon and a leading global institutional investor, has recently acquired two grocery-anchored shopping centers in Florida. The acquisitions include Midway Plaza in Miami-Fort Lauderdale and Lithia Square in Tampa, bringing the joint venture's Florida portfolio to four such centers.

Strategic Importance of Florida

Chris Reed, CEO of ShopOne, emphasized the strategic value of these acquisitions, citing Florida's popularity due to its robust job growth, favorable climate, and tax-friendly environment. He highlighted the potential to enhance the performance and tenant mix of these properties, which would benefit both the community and investors.

Midway Plaza

Midway Plaza, a 218,400 square-foot center located in Tamarac, is anchored by Publix and 84% occupied. The center serves a densely populated area with significant residential developments nearby, enhancing its long-term value. Publix and Ross Dress for Less have been key tenants for over 35 years, contributing to the center's high foot traffic and sales.

Lithia Square

Located in Brandon, Lithia Square is a 69,007 square-foot center anchored by Walmart and 79% occupied. The community around Lithia Square is vibrant and growing, with a trade area of approximately 101,000 people and an average household income of $115,000. ShopOne plans to undertake strategic leasing upgrades and renovations to maximize the property's potential.

Portfolio Growth

With the addition of Midway Plaza and Lithia Square, the joint venture's portfolio now includes 17 grocery-anchored shopping centers, totaling more than 1.8 million square feet. This expansion reflects the partners' commitment to investing in high-potential, necessity-based retail properties.