Pr. George’s shopping center acquired by New York investment trust

A New York-based real estate investment trust has entered Greater Washington with the acquisition of East Gate Shopping Center in Lanham.

ShopOne Centers REIT Inc. says part of its acquisition criteria for shopping centers includes national anchors and regional tenants and being well-positioned within the market’s strongest retail corridor.

While the terms of the acquisition were not disclosed, another criteria for ShopOne is a $10 million minimum deal size with preference for portfolios.

East Gate Shopping Center, along Greenbelt Road, is 138,779 square feet and anchored by a 56,526-square-foot Giant Food. Other tenants include McDonald’s, KFC, Huddle House, Drake’s Place Salon World, SoBe Restaurant and Lounge, Ernie’s Crab House, PhysioCare, Curves and Eastgate Liquors. 

ShopOne intends to enhance East Gate’s value through operational and capital improvements.

“We are pleased to continue our growth along the I-95 corridor by capitalizing on the rare opportunity to purchase…

Read the full story from the Washington Business Journal.

Advertiser Content