New York City Retail REIT Enters DC Market
The New York City-based REIT’s deal for the 138,779 square-foot shopping center marks its entry into the DC retail market. Eastgate is anchored by a 56,526-square-foot Giant Food supermarket.
LANHAM, MD—ShopOne Centers REIT has acquired the Eastgate Shopping Center here in a deal reportedly valued at approximately $28 million.
The New York City-based REIT’s deal for the 138,779 square-foot shopping center marks its entry into the DC retail market. Eastgate is anchored by a 56,526-square-foot Giant Food supermarket. The property also features a diverse mix of leading national, regional and local retailers including McDonald’s, KFC, Huddle House, Drake’s Place Salon World, SoBe Restaurant and Lounge, Ernie’s Crabhouse, PhysioCare, Curves, and Eastgate Liquors.
ShopOne says it intends to enhance the Eastgate Shopping Center’s value through operational and capital improvements.
A report in the Commercial Observer states the deal was valued at approximately $28 million, according to sources close to the transaction.
“We are pleased to continue our growth along the I-95 corridor by capitalizing on the rare opportunity to purchase a well-located asset that is anchored by the region’s leading grocer,” says Michael Carroll, chief executive of ShopOne. “Eastgate Shopping Center marks our third acquisition in this dense, high barrier to entry corridor and we intend to continue to scale our growth along this major roadway. We are confident that our leasing and management expertise can allow us to maximize the upside at the property.”
Last month, ShopOne announced it had entered the Philadelphia retail market with the purchase of the Southampton Shopping Center, a 150,457-square-foot shopping center located in Southampton, PA.