ShopOne Acquires Shoppes on the Parkway in Raleigh, NC

ShopOne Centers REIT, in a joint venture with Pantheon and a global institutional investor, has acquired Shoppes on the Parkway, an approximately 40,000 square foot neighborhood shopping center in Cary, North Carolina, an infill submarket of Raleigh. Shoppes on the Parkway marks the joint venture’s first acquisition in Raleigh and aligns with its strategy to acquire well-located necessity and value-oriented grocery-anchored shopping centers in high growth markets.

Located approximately six miles south of the Research Triangle Park and 10 miles west of downtown Raleigh, Shoppes on the Parkway is positioned in the heart of Cary, with 93,015 people living within three miles, achieving an average household income of more than $136,000. The property, which is 96 percent leased, is anchored by a Fresh Market grocer and contains a roster of local and regional tenants that provide necessity-goods and services for the local residential population.