ShopOne Centers acquires Heritage Park Plaza to expand into Massachusetts
ShopOne Centers REIT, a US-based grocery-anchored shopping center investment and operating platform, along with its joint venture partners, Pantheon and a global institutional investor, have expanded their presence in Massachusetts with the acquisition of Heritage Park Plaza.
The shopping center, anchored by Stop & Shop, spans 117,337 square feet and is located in East Longmeadow, a suburb of Springfield.
The strategic acquisition of Heritage Park Plaza, strategically positioned just 10 minutes from the Connecticut border, allows the joint venture to leverage the favorable market conditions in both New England states. These states boast strong demographics, high household incomes, and significant barriers to entry, making it an attractive investment opportunity.
Situated along Route 83, a heavily-traveled local thoroughfare, and easily accessible via Interstates 90 (Massachusetts Turnpike), 91, and 291, Heritage Park Plaza enjoys a prime location. With over 202,300 residents residing within a 5-mile radius and an average household income of $88,500, the shopping center is poised for success.
Heritage Park Plaza boasts an impressive occupancy rate of 98% and features a diverse tenant mix, including renowned national retailers and regional brands such as Petco, Orangetheory Fitness, Panera, Dollar Tree, Pure Barre, 99 Restaurant and Pub, and H&R Block. The center has consistently achieved strong sales, further enhancing its investment appeal.
Chris Reed — ShopOne Centers REIT Chief Investment Officer said: “Heritage Park Plaza is an institutional-quality asset with a strong and synergistic merchandising mix that is anchored by a high-volume flagship grocer, and is exemplary of the kind of asset we are seeking to acquire to grow our portfolio.
“With its significant barriers-to-entry for new development, demonstrated tenant success and established retail trade areas, New England will continue to be a target market for us, and we are very pleased to now have a presence in this region.”
This acquisition marks the 12th grocery-anchored neighborhood shopping center acquired by the joint venture since March 2022.
With a total investment capacity exceeding $1 billion and a $225 million senior credit facility, the joint venture has made notable acquisitions including Bethesda Walk and Kennesaw Walk in Atlanta, Lake Ridge Commons in Washington D.C., and Shoppes on the Parkway in Raleigh, North Carolina.