Acquisition is part of joint venture with Pantheon and a leading global institutional investor targeting grocery-anchored retail assets
ShopOne Centers REIT Inc., a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, is pleased to announce the acquisition of the Publix-anchored Kennesaw Walk in Kennesaw, Georgia. ShopOne acquired the asset as part of its previously announced joint venture with Pantheon and a leading global institutional investor. Kennesaw Walk is the third convenience-oriented grocery-anchored neighborhood shopping center the joint venture has added since September 2022, bringing the portfolio to an aggregate size of more than 1 million square feet across 10 properties.
“We are very pleased to expand our geographic footprint with the joint venture’s entry into Georgia, one of the fast-growing states in the country”
The 68,744 square-foot Kennesaw Walk, which is 89 percent occupied with nearly 8,000 square feet of future leasing potential, is located in a highly desirable and growing suburban Atlanta submarket. The center serves a population of more than 183,000 people with an average household income of over $97,000 in a five-mile radius. In addition to a newly-renovated Publix, Kennesaw Walk features a diversified mix of leading national and regional tenants, including Subway, H&R Block, Supercuts and State Farm. The center was developed in 2004, with 55 percent of its inline tenancy being original.
“We are very pleased to expand our geographic footprint with the joint venture’s entry into Georgia, one of the fast-growing states in the country,” stated Chris Reed, Chief Investment Officer at ShopOne. “Kennesaw Walk is exemplary of the type and quality of assets the joint venture is seeking to add to our portfolio. At 89 percent occupancy, the property contains embedded upside potential, while clearly playing a vital role in serving the needs of the surrounding neighborhoods and communities. We anticipate adding value by utilizing our institutional-quality operating platform and leveraging our deep relationships within the retail community.”
Georgia is the third new state the joint venture has entered in 2022. It entered Virginia and North Carolina earlier this year with the acquisitions of Lake Ridge Commons and Shoppes on the Parkway, respectively. The joint venture has more than $1 billion of total investment capacity and features a $225 million senior credit facility providing debt capital for the initial portfolio and future acquisitions. With a strong acquisitions pipeline, the joint venture is actively working to expand across its target markets.
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