ShopOne and Partners Purchase Food Lion-Anchored Shopping Center in Richmond Area
ShopOne Centers REIT Inc. (“ShopOne”), a vertically Food integrated U.S.-based retail shopping center investment, management, and operating platform, in collaboration with its joint venture partners—Pantheon, a global private markets investor, and a leading unnamed global institutional investor—has announced the acquisition of Staples Mill Plaza, a 70,147 square-foot grocery-anchored retail center strategically located in Richmond, Virginia.
This acquisition marks an important milestone for ShopOne as it represents Food the company’s second acquisition in Virginia and its first entry into the Richmond Metropolitan Statistical Area (MSA). The move highlights ShopOne’s strategic expansion efforts into key, high-growth markets within the southeastern United States, with a particular focus on grocery-anchored retail centers that serve as essential destinations for surrounding communities.
Strategic Location in a High-Traffic Corridor
Staples Mill Plaza is advantageously positioned at the intersection of Staples Mill Road and Hungary Spring Road, a bustling and highly visible retail corridor that sees a daily traffic count of approximately 40,000 vehicles. The center’s location just 7.5 miles from Downtown Richmond ensures its accessibility to a large and growing population, making it a vital shopping destination for both local residents and commuters.
The surrounding area features a strong demographic profile characterized by steady population growth, a diverse community base, and robust consumer spending. Food These dynamics contribute to the long-term sustainability and relevance of the retail center, underscoring the investment’s alignment with ShopOne’s broader strategy of targeting well-located assets in supply-constrained markets with durable demand drivers.
Anchored by a Proven Grocery Tenant
A key feature of the acquisition is its anchor tenant, Food Lion, a regional grocery chain with a long-standing and loyal customer base. Food Lion has operated at Staples Mill Plaza for nearly four decades, a testament to both the strength of the location and the grocery chain’s continued success in meeting the daily needs of local consumers. As a high-performing and tenured tenant, Food Lion serves as a traffic-driving anchor that enhances the center’s value and ensures steady foot traffic.
In addition to Food Lion, the property is home to a diverse mix of national and regional retailers, including Subway, Pizza Hut, and Hair Cuttery. This mix not only complements the grocery offering but also provides essential services and dining options, creating a well-rounded shopping experience that encourages frequent customer visits. The tenant base is reflective of ShopOne’s emphasis on curating centers that deliver everyday convenience and high utility to shoppers.
A Strategic Investment Approach
According to Chris Reed, Chief Executive Officer of ShopOne Centers REIT Inc., the acquisition of Staples Mill Plaza is a reflection of the company’s focused investment strategy: “Staples Mill Plaza is a prime neighborhood retail asset anchored by a top-performing grocer and supported by a complementary tenant mix,” said Reed. “Its strategic location at a busy intersection within a growing market makes it a compelling addition to our portfolio. We look forward to enhancing the shopping experience for the community and driving long-term value through this asset.”
ShopOne and its partners are committed to maintaining and elevating the performance of acquired assets through proactive property management, tenant engagement, and capital investment. These efforts aim to ensure each center remains a vibrant, well-maintained retail environment that meets the evolving needs of the communities it serves.
Growing Portfolio and National Footprint
The acquisition of Staples Mill Plaza brings the total number of shopping centers within ShopOne’s joint venture with Pantheon and its institutional partner to 22 properties, collectively comprising more than 2.2 million square feet of retail space. This steadily growing portfolio reflects the team’s consistent execution of its strategic objective to acquire and operate high-quality, grocery-anchored neighborhood shopping centers located in fundamentally strong markets across the United States.
These centers typically offer essential, needs-based retail options and services that are resilient to e-commerce pressures and economic fluctuations. This focus on grocery and service-oriented tenants has proven to be a reliable approach, particularly in the context of evolving consumer behaviors and shifting retail landscapes.
The Richmond market, in particular, presents a wealth of opportunity. As the capital of Virginia and one of the fastest-growing cities in the state, Richmond has experienced considerable development in recent years, with new residential, commercial, and mixed-use projects emerging across the metro area. The city’s expanding job base, coupled with a relatively low cost of living, continues to attract a diverse workforce and population, contributing to increased demand for retail services.
A Commitment to Community and Long-Term Value Creation
Beyond financial metrics, ShopOne views its retail centers as integral components of the communities they serve. The company aims to cultivate environments where local residents can conveniently access groceries, dining, health and beauty services, and other essential goods and services. By ensuring tenants are well-supported and centers are attractively maintained, ShopOne seeks to promote community engagement and economic activity within the neighborhoods where it operates.
The company’s collaborative approach with its joint venture partners also plays a critical role in its success. Pantheon’s deep expertise in private equity and real assets, combined with the institutional investor’s global perspective and capital strength, enables the joint venture to pursue acquisition opportunities with speed, scale, and precision.
