ShopOne Announces CEO Transition
June 27 2024 - 8:00AM
Business Wire
CEO John Roche named Chairman; CIO Chris Reed
appointed CEO; COO Mike Makinen promoted to President
ShopOne Centers REIT Inc. (“ShopOne” or the “Company”), a
vertically integrated U.S. shopping center investor, manager and
operator, today announced that Chief Executive Officer John Roche
has transitioned to the role of Chairman, while Chief Investment
Officer Chris Reed has been named CEO and Chief Operating Officer
Mike Makinen has been promoted to President.
Roche first joined ShopOne in 2017 as Chief Financial Officer
before being named CEO in 2019. During his time at the Company, he
has been instrumental in advancing its strategic direction and
strengthening its portfolio of institutional-quality
grocery-anchored shopping centers across the country. Under his
guidance, ShopOne announced a strategic joint venture partnership
with Pantheon and a leading global institutional investor with more
than $1 billion in total investment capacity to acquire
grocery-anchored shopping centers.
“It has been an absolute honor to serve as CEO of ShopOne and
oversee a strategy that has resulted in significant value for our
institutional partners and the communities we serve,” Roche stated.
“Chris and Mike have been important resources for me, and their
contributions have been critical to our success, and it is my
pleasure to turn over the reins to the Company to them. During
their time with us, Chris and Mike have demonstrated the passion,
operational and capital markets expertise, nimble decision making,
and leadership qualities needed to thrive as CEO and President,
respectively. I look forward to very much staying involved in the
Company’s direction as Chairman and supporting Chris and Mike as we
chart this next chapter of growth.”
Reed, who possesses more than 15 years of retail real estate
experience, joined ShopOne initially as Executive Vice President of
Acquisitions in 2020 before being promoted to CIO just one year
later. During his tenure, the Company has made considerable
progress enhancing the value of its portfolio by selectively
disposing of non-core assets and recycling the capital to acquire
high-performing grocery-anchored centers. Reed was instrumental in
spearheading the creation of the joint venture between ShopOne and
its investment partners. Since launching in March 2022, the joint
venture has acquired grocery-anchored assets totaling nearly 1.5
million square feet with a gross asset value surpassing $350
million.
Reed commented, “I want to thank John and the rest of the Board
for the opportunity to serve as the next CEO of ShopOne. I am
excited to build upon the foundation he – along with our Board –
has laid out to position our Company for even stronger growth
ahead. The retail real estate industry is currently benefiting from
very favorable supply and demand trends, and I am excited to work
closely with Mike to capitalize on these tailwinds to drive
stronger performance across our portfolio.”
Jim Sylvia, Independent Director on the Board of ShopOne,
stated, “When John approached the Board about transitioning out of
the CEO role, we immediately identified Chris as the ideal
candidate to take over the position. Chris has been a core part of
the executive team since 2021 and has proven himself to be a very
skilled operator, problem solver, and leader.”
Makinen first joined ShopOne in 2021 after more than 25 years in
retail real estate, where he held executive positions with SITE
Centers, Equity One, Inc., and Olshan Properties, Inc. During his
tenure with ShopOne, he has overseen the Company’s operations,
including the execution of its strategic priorities. Makinen
commented, “I am excited about the opportunity to continue leading
the operations of ShopOne and I look forward to partnering with
Chris in the next phase of the company”.
About ShopOne
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627042745/en/
Matthew Chudoba (ICR) mchudoba@icrinc.com