ShopOne promotes Chris Reed to CEO

NEW YORK–(BUSINESS WIRE)–ShopOne Centers REIT Inc., a vertically integrated U.S. retail investment, manager and operator, today announced that Chief Executive Officer John Roche has assumed the role of Chairman, while Chief Investment Officer Chris Reed was appointed CEO and Chief Operating Officer Michael Mäkinen was promoted to president.

Roche initially joined ShopOne in 2017 as Chief Financial Officer before being named CEO in 2019. During his time with the company, he was instrumental in advancing the company’s strategic direction and strengthening its portfolio of institutional-quality grocery malls across the country. Under his leadership, ShopOne announced a strategic joint venture partnership with Pantheon and a leading global institutional investor with a total investment capacity of over $1 billion to acquire grocery malls.

“It has been a great honor to serve as CEO of ShopOne and oversee a strategy that has delivered significant value to our institutional partners and the communities we serve,” said Roche. “Chris and Mike have been important resources to me and their contributions have been critical to our success. It is my pleasure to hand them the reins of the company. During their time with us, Chris and Mike have demonstrated the passion, operational and capital markets expertise, quick decision-making and leadership skills required to be successful as CEO and President, respectively. I look forward to continuing to be involved in the direction of the company as Chairman and to supporting Chris and Mike as they shape this next chapter of growth.”

Reed, who has over 15 years of retail real estate experience, initially joined ShopOne in 2020 as Executive Vice President of Acquisitions before being promoted to CIO just one year later. During his tenure, the company has made significant progress in increasing the value of its portfolio by selectively divesting non-core assets and repurposing the capital to acquire high-performing grocery centers. Reed was instrumental in the formation of the joint venture between ShopOne and its investment partners. Since its formation in March 2022, the joint venture has acquired grocery centers totaling nearly 1.5 million square feet and a gross asset value of over $350 million.

Reed commented, “I want to thank John and the rest of the Board for the opportunity to serve as ShopOne’s next CEO. I look forward to building on the foundation he – along with our Board – has laid to position our company for even stronger growth in the future. The retail real estate industry is currently benefiting from very favorable supply and demand trends, and I look forward to working closely with Mike to capitalize on these tailwinds and drive performance across our entire portfolio.”

Jim Sylvia, independent director on ShopOne’s board, stated, “When John approached the board about transitioning out of the CEO role, we immediately recognized that Chris was the ideal candidate for the position. Chris has been a core part of the leadership team since 2021 and has proven himself to be a very competent operator, problem solver and leader.”

Makinen joined ShopOne in 2021 after more than 25 years in retail real estate, where he held leadership positions at SITE Centers, Equity One, Inc. and Olshan Properties, Inc. During his tenure at 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 to lead ShopOne’s operations and I look forward to working 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 developing and executing strategies for U.S. grocery-focused shopping centers and entering into joint venture partnerships with institutional investors. The company’s retail centers are located in established trade areas and are supported by a diverse mix of non-discretionary, value and grocery retailers. ShopOne seeks to maximize the value of its portfolio by capitalizing on embedded growth opportunities by increasing rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities. For more information about ShopOne, visit ShopOne.com.