ShopOne Centers REIT Acquires DC-Area Mall for $28M

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Making its first foray into the Washington, D.C. market, New York-based ShopOne Centers REIT purchased the 138,779-square-foot Eastgate Shopping Center in Lanham, Md., Commercial Observer has learned.

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ShopOne bought the shopping center, located at 10505 Greenbelt Road, from Zimmer Development Company for approximately $28 million, according to a source familiar with the deal, who said the transaction closed on Dec. 17, 2018.

Eastgate Shopping Center is anchored by a 56,526-square-foot Giant grocery store and features a mix of local and national retailers including McDonald’s, KFC, SoBe Restaurant and Lounge, PhysioCare and Curves, according to a press release from ShopOne, which owns, operates and manages more than 50 retail centers.

“We are pleased to continue our growth along the I-95 corridor by capitalizing on the rare opportunity to purchase a well-located asset that is anchored by the region’s leading grocer,” Michael Carroll, the chief executive at ShopOne, said in a prepared statement.

Carroll said that Eastgate marks ShopOne’s third acquisition “in this dense, high-barrier-to-entry corridor and we intend to continue to scale our growth along this major roadway,” referencing recent purchases in Southampton, Pa. and South Plainfield, N.J., as Commercial Observer previously reported.

ShopOne plans to make “operational and capital improvements” to Eastgate, per the release.