ShopOne Announces CEO Transition

CEO John Roche named Chairman; CIO Chris Reed appointed CEO; COO Mike Makinen promoted to President

NEW YORK--(BUSINESS WIRE)--ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a vertically integrated U.S. shopping center investor, manager and operator, today announced that Chief Executive Officer John Roche has transitioned to the role of Chairman, while Chief Investment Officer Chris Reed has been named CEO and Chief Operating Officer Mike Makinen has been promoted to President.

Roche first joined ShopOne in 2017 as Chief Financial Officer before being named CEO in 2019. During his time at the Company, he has been instrumental in advancing its strategic direction and strengthening its portfolio of institutional-quality grocery-anchored shopping centers across the country. Under his guidance, ShopOne announced a strategic joint venture partnership with Pantheon and a leading global institutional investor with more than $1 billion in total investment capacity to acquire grocery-anchored shopping centers.

“It has been an absolute honor to serve as CEO of ShopOne and oversee a strategy that has resulted in significant value for our institutional partners and the communities we serve,” Roche stated. “Chris and Mike have been important resources for me, and their contributions have been critical to our success, and it is my pleasure to turn over the reins to the Company to them. During their time with us, Chris and Mike have demonstrated the passion, operational and capital markets expertise, nimble decision making, and leadership qualities needed to thrive as CEO and President, respectively. I look forward to very much staying involved in the Company’s direction as Chairman and supporting Chris and Mike as we chart this next chapter of growth.”

Reed, who possesses more than 15 years of retail real estate experience, joined ShopOne initially as Executive Vice President of Acquisitions in 2020 before being promoted to CIO just one year later. During his tenure, the Company has made considerable progress enhancing the value of its portfolio by selectively disposing of non-core assets and recycling the capital to acquire high-performing grocery-anchored centers. Reed was instrumental in spearheading the creation of the joint venture between ShopOne and its investment partners. Since launching in March 2022, the joint venture has acquired grocery-anchored assets totaling nearly 1.5 million square feet with a gross asset value surpassing $350 million.

Reed commented, “I want to thank John and the rest of the Board for the opportunity to serve as the next CEO of ShopOne. I am excited to build upon the foundation he – along with our Board – has laid out to position our Company for even stronger growth ahead. The retail real estate industry is currently benefiting from very favorable supply and demand trends, and I am excited to work closely with Mike to capitalize on these tailwinds to drive stronger performance across our portfolio.”

Jim Sylvia, Independent Director on the Board of ShopOne, stated, “When John approached the Board about transitioning out of the CEO role, we immediately identified Chris as the ideal candidate to take over the position. Chris has been a core part of the executive team since 2021 and has proven himself to be a very skilled operator, problem solver, and leader.”

Makinen first joined ShopOne in 2021 after more than 25 years in retail real estate, where he held executive positions with SITE Centers, Equity One, Inc., and Olshan Properties, Inc. During his tenure with ShopOne, he has overseen the Company’s operations, including the execution of its strategic priorities. Makinen commented, “I am excited about the opportunity to continue leading the operations of ShopOne and I look forward to partnering with Chris in the next phase of the company”.

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.