ShopOne Centers REIT, JV acquire neighborhood shopping center in North Carolina

ShopOne Centers REIT Inc., a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, and its joint-venture partners Pantheon and a global institutional investor, acquired a 40,000-square-foot neighborhood shopping center in Cary, N.C.

Shoppes on the Parkway marks the first acquisition of the joint venture, which launched in first quarter 2022. ShopOne contributed an existing portfolio of assets consistent with the partnership’s target-investment criteria, with the partners each investing additional capital to create more than $1 billion of total investment capacity.

The joint venture then closed on a $225 million senior-edit facility, providing debt capital for the initial portfolio and future acquisitions.

Situated in an infill submarket of Raleigh, N.C., the property is 96-percent leased and is anchored by a high-performing Fresh Market grocer. It contains a diverse roster of local and regional tenants that provi