NEW YORK--(BUSINESS WIRE)--ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a leading owner, operator and manager of high-quality grocery-anchored shopping centers, today announced its entry into Nevada with the acquisition of Caughlin Ranch, a 113,376-square-foot shopping center located in Reno. This purchase further advances the Company’s strategy of owning well-located shopping centers in densely populated, fundamentally strong markets across the country.
Caughlin Ranch, which is anchored by a 50,451-square-foot Raley’s Supermarket, is located in the heart of an affluent residential neighborhood that includes 2,600 households with a median income of more than $112,000 within a one-mile radius. The center consists of a dynamic mix of retail, restaurant, fitness and daily needs tenants, including prominent national brands Starbucks, Anytime Fitness and Wells Fargo.
“The acquisition of Caughlin Ranch marks our first purchase in Nevada and provides us with a foothold in Reno, a market supported by strong demographic and employment fundamentals,” said Michael Carroll, Chief Executive Officer of ShopOne. “We bought the property at a significant discount to replacement cost by acquiring it out of special servicing, which illustrates our ability to source attractive value-add acquisition opportunities through multiple channels. We are pleased with the progress we have made unlocking embedded value by increasing occupancy and adding the market’s leading grocer in Raley’s as an anchor tenant, and look forward to further applying our institutional knowledge and proven operating platform to enhance net asset value.”
Caughlin Ranch Shopping Center is located within Reno’s prestigious and densely populated Caughlin Ranch master-planned community and sits at the intersection of Caughlin Parkway and McCarran Boulevard, affording tenants prime frontage along two of the area’s major thoroughfares. ShopOne has already made improvements to the property by increasing occupancy from 88 percent to 91 percent and securing a long-term lease with Raley’s to replace previous tenant Scolari’s Warehouse Markets.
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The Company’s more than 50 retail centers located in established trade areas and are supported by a diverse mix of highly productive 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 www.ShopOne.com.