ShopOne and its JV Partners Expand Presence in New England, Acquiring Grocery-Anchored North Providence Marketplace Shopping Center in Rhode Island
September 18, 2023 | ShopOne
The joint venture (“JV”) partnership between ShopOne Centers REIT Inc. (“ShopOne”), Pantheon, and a leading global institutional investor, announced that it has acquired North Providence Marketplace, a 112,497 square-foot grocery-anchored shopping center located in North Providence, R.I. The asset is anchored by a high-volume Shaw’s Supermarket, and is situated just two miles north of downtown Providence, which serves as an economic hub for the state with its large concentration of educational, financial, and healthcare employment drivers.
North Providence Marketplace has been a fixture of the North Providence community for over 50 years, and is considered the dominant center of its kind in the trade area. The asset is 88% occupied and boasts a highly synergistic merchandising mix comprised of category-leading national retailers, including Shaw’s, which added an in-store Starbucks as part of its interior refresh in 2020, Dollar Tree, Rainbow, H&R Block, and Sally Beauty Supply. North Providence Marketplace is located less than five minutes from Providence College and Rhode Island College – two prestigious academic institutions with a collective enrollment of more than 12,300 students, and 180,750 people reside within a three-mile radius of the property with an average household income of approximately $79,000.
“We are pleased to have acquired North Providence Marketplace, a high traffic institutional-quality grocery-anchored shopping center serving a fundamentally strong and established trade area,” stated Chris Reed, Chief Investment Officer at ShopOne. “North Providence Marketplace has catered to the high number of employees and students in the Providence market for more than five decades, and we are excited to provide this community with a clean, safe and enjoyable shopping environment each time they visit. We look forward to investing additional capital at the property to add retail uses that will complement its existing merchandising mix.”
North Providence Marketplace is located along heavily traveled Smithfield Road, and is accessible from Route 7, a major thoroughfare that extends directly into downtown Providence. The center is surrounded by a workforce that comprises nearly 437,500 people, with CVS Health, Textron, Citizens Financial Group, Nortek and United Natural Foods among the largest employers.
The acquisition of North Providence Marketplace marks the second grocery-anchored shopping center the JV has acquired in New England, joining its May 2023 acquisition of Heritage Park Plaza in Springfield, Mass. North Providence Marketplace marks the 14th asset the JV has acquired since its formation in March 2022, and is the fourth grocery-anchored shopping center it has acquired in 2023. The JV has more than $1 billion in total investment capacity and a $225 million senior credit facility.
ShopOne Centers is a fully integrated investment, management and operating platform focused exclusively on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients. The Company’s retail centers are located in established trade areas and are supported by a diverse mix of non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities. To learn more about ShopOne, please visit ShopOne.com.
Pantheon is a leading global private markets specialist currently investing on behalf of more than 1,000 investors, including public and private pension plans, insurance companies, endowments, foundations and private wealth clients. Founded in 1982, Pantheon has an established reputation across private market asset classes, covering all stages and geographies, and provides investment solutions that include flagship fund offerings, as well as integrated programs and customized solutions.
As of January 31, 2023, Pantheon had $93.4 billion in assets under management and advice, including more than $60bn in discretionary assets under management. The firm currently operates from 11 offices on three continents, with its global workforce including more than 130 dedicated investment professionals.