ShopOne and its JV Partners Acquire Food Lion-Anchored Staples Mill Plaza in Richmond MSA

NEW YORK--(BUSINESS WIRE)--ShopOne Centers REIT Inc. (“ShopOne”), a fully integrated U.S. retail shopping center investment, management, and operating platform, together with its joint venture partners Pantheon and a leading global institutional investor, announces the acquisition Staples Mill Plaza, a 70,147 square-foot grocery-anchored shopping center located in Richmond, Virginia. This acquisition marks ShopOne's second property in Virginia and its first in the Richmond MSA.

Ideally situated at the intersection of Staples Mill Road and Hungary Spring Road—a high-traffic corridor with approximately 40,000 vehicles passing daily—Staples Mill Plaza is anchored by a tenured and high-performing Food Lion that has occupied the property for nearly 40 years. The center boasts a diverse mix of national and regional operators including Subway, Pizza Hut, and Hair Cuttery, making it a vital retail destination for the local community. Conveniently located just 7.5 miles from Downtown Richmond, the center benefits from excellent accessibility and visibility.

“Staples Mill Plaza is a prime neighborhood retail asset anchored by a top-performing grocer and supported by a complementary tenant mix,” said Chris Reed, CEO of ShopOne Centers REIT Inc. “Its strategic location at a busy intersection within a growing market makes it a compelling addition to our portfolio. We look forward to enhancing the shopping experience for the community and driving long-term value through this asset.”

The acquisition of Staples Mill Plaza increases the joint venture's portfolio to 22 shopping centers, encompassing over 2.2 million square feet. This latest addition reinforces the company's commitment to acquiring and managing high-quality retail assets in dynamic markets across the country.

About ShopOne

ShopOne Centers is a fully integrated investment, management and operating platform focused exclusively 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 diverse mix of non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy, and pursuing value-enhancing redevelopment opportunities. To learn more about ShopOne, please visit ShopOne.com.

About Pantheon

Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets, and private credit.

We have partnered with more than 1,000 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $71bn in discretionary assets under management (as of December 31, 2024).

Leveraging our specialized experience and global team of professionals across Europe, the Americas and Asia, we invest with purpose and lead with expertise to build secure financial futures.