ShopOne Names Michael Makinen Chief Operating Officer

Experienced real estate executive’s career spans more than 25 years, predominantly with leading publicly traded REITs

NEW YORK--()--ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a leading owner, operator, and manager of high-quality, grocery-anchored shopping centers, today announced that it has appointed experienced public REIT executive Michael Makinen as Chief Operating Officer, effective July 1, 2021. Makinen, who has more than 25-years of industry experience, will be responsible for overseeing the Company’s operations and financial performance, including the execution of its strategic priorities. He will report to ShopOne’s Chief Executive Officer, John Roche.

Roche stated, “We are very pleased to further enhance our management team with such a distinguished REIT executive in Michael. His strong understanding of retail real estate landscape will be an asset to our organization as we continue to build an institutional quality platform. We look forward to leveraging his expertise and relationships to drive growth throughout our portfolio.”

Prior to joining ShopOne, Makinen served as Chief Operating Officer at SITE Centers, where he was responsible for the operations and financial results of the company’s 151 property-portfolio as well as the external management of Retail Value Inc., an owner of discount-oriented retail centers throughout the Continental U.S. and Puerto Rico that was spun-out of SITE Centers in July 2018. His many accomplishments included a major organizational restructure of the operations platform resulting in a streamlined program for leasing, development, and property management as well as the successful and timely backfill of over 50 vacant anchor tenants in just 18 months.

Makinen also served as Chief Operating Officer for Equity One, Inc. and Olshan Properties, Inc. in his career, and held leadership positions at United Retail Group – Avenue Stores, Linens ‘n Things, Inc., Thompson Associate, Inc. and Howard L. Green and Associates, Inc.

Makinen commented, “I’m excited to be joining an organization and executive team that is highly regarded within the investment and retail communities. I believe my inherent familiarity with the REIT structure and experience contributing to the growth of some of the most established names in the space will allow me to make an immediate impact at ShopOne.”

Makinen currently serves as Co-Chair, Open Air Centers Committee for The International Council of Shopping Centers (ICSC), and is a member of the Board of Directors for Starlite Media, LLC and 14 Beekman Place Corp. He graduated with a Bachelor of Science from Michigan State University and holds a Master of Arts from Indiana University.

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 www.ShopOne.com.

Contacts

Matthew Chudoba
ICR
(203) 682-8277
mchudoba@icrinc.com

Contacts

Matthew Chudoba
ICR
(203) 682-8277
mchudoba@icrinc.com