ShopOne Centers REIT Looks for Market-Leading Grocers

Mike Carroll, CEO of ShopOne Centers REIT, Inc., joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.

Carroll discussed ShopOne’s entry into Washington, D.C., earlier this year, saying that density and strong incomes are among the market’s most attractive factors.

“We’ve been trying to do things around strong, market-leading grocers,” Carroll said, noting that almost all of ShopOne’s acquisitions are guided by those characteristics.

Carroll said when looking to fill its centers, ShopOne is focused on grocery “with a shop component,” including “e-commerce-resistant” tenants like restaurants, boutique health and wellness shops, banks, early learning centers, salons, dry cleaners, and medical buildings.

Carroll said that grocery has been a late adopter of the omni-channel approach but noted it has accelerated over the past 18 months. He said some of ShopOne’s grocery tenants have been redesigning their stores for a “shop online, pick-up in store” approach, including some offering delivery as well.