Market Overview

ShopOne Acquires Caughlin Ranch Shopping Center in Reno


Strategic Purchase Marks Company's Entry into Nevada

Centers REIT Inc
. ("ShopOne" or the "Company"), a leading owner,
operator and manager of high-quality grocery-anchored shopping centers,
today announced its entry into Nevada with the acquisition of Caughlin
Ranch, a 113,376-square-foot shopping center located in Reno. This
purchase further advances the Company's strategy of owning well-located
shopping centers in densely populated, fundamentally strong markets
across the country.

Caughlin Ranch, which is anchored by a 50,451-square-foot Raley's
Supermarket, is located in the heart of an affluent residential
neighborhood that includes 2,600 households with a median income of more
than $112,000 within a one-mile radius. The center consists of a dynamic
mix of retail, restaurant, fitness and daily needs tenants, including
prominent national brands Starbucks, Anytime Fitness and Wells Fargo.

"The acquisition of Caughlin Ranch marks our first purchase in Nevada
and provides us with a foothold in Reno, a market supported by strong
demographic and employment fundamentals," said Michael Carroll, Chief
Executive Officer of ShopOne. "We bought the property at a significant
discount to replacement cost by acquiring it out of special servicing,
which illustrates our ability to source attractive value-add acquisition
opportunities through multiple channels. We are pleased with the
progress we have made unlocking embedded value by increasing occupancy
and adding the market's leading grocer in Raley's as an anchor tenant,
and look forward to further applying our institutional knowledge and
proven operating platform to enhance net asset value."

Caughlin Ranch Shopping Center is located within Reno's prestigious and
densely populated Caughlin Ranch master-planned community and sits at
the intersection of Caughlin Parkway and McCarran Boulevard, affording
tenants prime frontage along two of the area's major thoroughfares.
ShopOne has already made improvements to the property by increasing
occupancy from 88 percent to 91 percent and securing a long-term lease
with Raley's to replace previous tenant Scolari's Warehouse Markets.

About ShopOne

ShopOne Centers REIT is a leading owner, operator and manager of
high-quality shopping centers. The Company's more than 50 retail centers
located in established trade areas and are supported by a diverse mix of
highly productive 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

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