ShopOne Centers REIT Inc. has acquired Southampton Shopping Center, a 150,457 square-foot shopping center located in Southampton, PA. The purchase marks ShopOne’s entry into the Philadelphia market.
According to a prepared statement, the deal advances the company’s strategy of owning well-located grocery anchored shopping centers in densely populated, fundamentally strong markets across the country.
Southampton Shopping Center is anchored by a market-leading, 59,892-square-foot Giant grocery store. Giant enjoys the highest market share in the Philadelphia metropolitan statistical area with nearly twice the share of its nearest competitor.
“Southampton Shopping Center provided us with an excellent opportunity to enter a key market with high barriers to entry,” said Michael Carroll, Chief Executive Officer of ShopOne. “Philadelphia is a target market for ShopOne and we are excited to have the opportunity to acquire a market dominant asset anchored by Giant.”
Carroll adds that he is fortunate to have a long-standing relationship with the Giant team. “I am thrilled to partner with them with them to maximize the performance of this property. In a continually evolving retail real estate market, this purchase of this center adds another stable, well-performing asset to our portfolio.”
Located 3.5 miles from the city limits of Northeast Philadelphia, Southampton Shopping Center is supported by strong demographic and economic fundamentals. The 5-mile radius surrounding the shopping center contains a population of over 210,000 with an average household income of over $98,000. Over the last three years, 74 percent of the in-place shop space at the property has executed lease renewals at rental rates that are on average 9 percent higher.
Southampton Shopping Center is features a unique mix of restaurants and shops including Saladworks, Robin Hood Restaurant, Tuesday Morning, Pennsylvania Wine & Spirits, and three banks with total deposits in excess of $317 million.