ShopOne Centers REIT Inc. recently sold nine properties in the Midwest to Albanese Cormier Holdings. The nine-property portfolio was held through an affiliated entity. The purchase price was not disclosed.
The disposition of these assets reduces ShopOne’s exposure to the Midwest. ShopOne plans to use the sale proceeds to further diversify its portfolio by acquiring grocery-anchored shopping centers located in the top-50 metropolitan statistical areas.
The nine disposed assets were all located in markets outside the top-50 MSAs including Grand Rapids-Kentwood, Michigan; Akron, Ohio; Toledo, Ohio; Huntington-Ashland in West Virginia, Kentucky and Ohio; Terre Haute, Indiana; and Michigan City-La Porte, Indiana.
