When real estate investment firm Town Lane acquired ShopOne, a New York-based REIT, its ownership group promised to expand ShopOne's portfolio with more value-add retail assets. The firm began to make good on this promise with two acquisitions in North Carolina.
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Town Lane, through ShopOne Centers, acquired the shopping centers in the suburbs of Raleigh-Durham this month, the Triangle Business Journal reported.
The two centers, the 55K SF New Hope Plaza at 553 E. New Hope Road in Goldsboro and the 63K SF Creedmoor Commons at Highway 56 and Darden Drive in Creedmoor, sold for more than $15M combined.
Both shopping centers are anchored by Food Lion stores.
Henderson-based Barnett Properties, the seller in both deals, developed the properties after acquiring the undeveloped land for the plazas in 2003 for $2M.
Town Lane teamed with an institutional investor and ShopOne CEO Chris Reed to buy ShopOne earlier this month. The sale included the REIT's vertically integrated retail operating platform as well its 27 grocery-anchored retail centers. The sale price for ShopOne was not publicly disclosed.
The real estate investment firm was formed in 2024 by former Blackstone executive Tyler Henritze. In May 2024, Town Lane closed on its $1.25B inaugural funding round, exceeding its $1B target.
In addition to its retail acquisitions through ShopOne, Town Lane closed on or was under contract to close on six senior housing properties that totaled nearly $300M in gross asset value in December 2025. This past year, Town Lane launched a senior housing platform called Arcole in partnership with Formation Capital Chief Investment Officer Kelly Sheehy.
Retail vacancies in the greater Raleigh-Durham area remained tight at 2.41% in Q4 2025, marking the fourth straight year of sub-3% vacancy in the area, Colliers reports. Build-to-suit projects dominate the Raleigh-Durham retail construction pipeline. Nearly all projects underway are located in suburban areas.
Last month, Clarion Partners bought the 69K SF Midtown Corner shopping center in Raleigh for nearly $27M from Ram Realty Advisors.
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