ShopOne JV Enters Texas With Kroger-Anchored Retail Acquisition
A joint venture of New York-based REIT ShopOne Centers, Pantheon and an unnamed institutional investor acquired a 114K SF retail property in Southeast Houston.
The retail center is situated along Beltway 8 near the intersection with Interstate 45. Anchored by a Kroger grocery store, the property's current tenants include Petco, Subway and State Farm.
The grocery store at 11701 S. Sam Houston Parkway E. was remodeled in September 2023 and reopened as Kroger’s first-ever Hispanic-centered store.
“We’re pleased to add Beltway South to our portfolio and establish a presence in Texas,” ShopOne Centers CEO Chris Reed said in a press release. “The center’s Kroger anchor and complementary tenant mix directly align with our strategy of investing in retail centers that serve essential consumer needs.”
In early 2022, ShopOne formed the joint venture with private market investor Pantheon and an unidentified institutional investor with plans to spend up to $1B on grocery-anchored centers.
This acquisition expands ShopOne's grocery-anchored shopping center portfolio to 23 while also making the REIT's first footprint in the American Southwest, according to the press release.
It has since completed more than a dozen acquisitions, including a Publix-anchored center near Atlanta and two suburban Philadelphia strip centers last year.
