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ShopOne Centers REIT has acquired the Bethesda Walk shopping center in Lawrenceville, Atlanta, in a joint venture with Pantheon and a global institutional investor. This marks their second acquisition in Atlanta since December 2022. The center spans 68,271 square feet, is 98% occupied, and features Walmart Neighborhood Market among other tenants. The area supports a growing population of over 253,790, with an average household income of $82,000. The joint venture has completed 11 acquisitions to date, backed by $1 billion in investment capacity. This expansion reflects a strategic move to bolster their presence in a thriving market.
Positive
Acquisition of Bethesda Walk enhances portfolio, increasing grocery-anchored assets to 11.
Bethesda Walk is strategically located in a dense, growing submarket with a 98% occupancy rate.
Projected population growth of nearly 7% in the area increases future revenue potential.
Negative
None.
Acquisition marks the second high-traffic, grocery-anchored shopping center it has acquired in Atlanta since December 2022
The asset was acquired as part of joint venture with Pantheon and a leading global institutional investor
NEW YORK--(BUSINESS WIRE)--
ShopOne Centers REIT Inc. (“ShopOne”), a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, together with its joint venture (“JV”) partners, Pantheon and a leading global institutional investor, are pleased to announce that they have acquired their second grocery-anchored shopping center in Atlanta since December 2022. The JV closed on the acquisition of the Walmart Neighborhood Market-anchored Bethesda Walk in Lawrenceville, part of the Atlanta MSA, in early March, bringing the total number of grocery-anchored assets in the JV’s portfolio to 11 properties – all of which are anchored by high traffic, best-in-class grocers and feature diverse and synergistic merchandising mixes.
Bethesda Walk totals 68,271 square feet and is 98 percent occupied. The center is situated in a dense and growing submarket and serves as the dominant convenience-oriented grocery-anchored neighborhood shopping center in the trade area. Within 5 miles, the center serves a population of more than 253,790 people, a number projected to grow nearly 7 percent in the next five years, with an average household income of $82,000. In addition to Walmart Neighborhood Market, which draws over 1 million annual visits to the center and accounts for 65 percent of the center’s gross leasable area, other national brands that call the center home include Subway, Wingstop, Metro by T-Mobile, and a variety of necessity retailers and restaurants.
“Georgia, and the Atlanta MSA in particular, is thriving both fundamentally and economically, and we are thrilled to further solidify our presence in the Peach State with the acquisition of Bethesda Walk,” stated Chris Reed, Chief Investment Officer at ShopOne. “We look forward to forming deeper connections with the neighborhoods that our two Atlanta shopping centers serve, as well as to continued expansion in the greater Atlanta market.”
The JV, which has more than $1 billion of total investment capacity and features a $225 million senior credit facility, has been highly active with 11 total acquisitions since its formation. In addition to Bethesda Walk and Kennesaw Walk, notable acquisitions include Lake Ridge Commons outside Washington D.C. and Shoppes on the Parkway in Cary, NC, two strategic additions that enabled it to broaden its footprint and expand into two core, high growth target markets.
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.
About Pantheon
Pantheon Group* (“Pantheon”) is a leading, diversified global private markets specialist currently investing on behalf of more than 1,000 investors, including public and private pension plans, insurance companies, endowments, foundations and private wealth clients. Founded in 1982, Pantheon has an established reputation across private market asset classes, covering all stages and geographies, and provides investment solutions that include flagship fund offerings, as well as integrated programs and customized solutions.
As of September 30, 2023, Pantheon had $88.9 billion assets under management and advice and the firm currently has more than 460 employees located across its offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul**, Bogotá**, Tokyo, Dublin and Berlin. Its global workforce includes more than 140 investment professionals.
Pantheon is majority-owned by Affiliated Managers Group Inc. (NYSE: AMG), a leading partner to independent active investment management firms globally, alongside senior members of the Pantheon team. The ownership structure, with Pantheon management owning a meaningful share of the equity in the business, provides a framework for long-term succession and enables Pantheon management to continue to direct the firm’s day-to-day operations.
