Picture by Franki Chamaki through Unsplash
A three way partnership between ShopOne, Pantheon and an undisclosed institutional investor has acquired Heritage Park Plaza, a 117,337-square-foot procuring middle in East Longmeadow, Mass., a suburb of Springfield. The asset final traded in 2013, when KPR acquired it for $27.3 million, based on CommercialEdge knowledge.
Accomplished in 1974, the property includes two buildings on a 13.2-acre website and is anchored by a Cease & Store. Different tenants embrace Petco, Greenback Tree, 99 Restaurant and Pub, Pure Barre and Panera. On the time of the acquisition the procuring middle was 98 % occupied.
Situated at 406 N. Important St., the property is a few 4 miles from Springfield. It is usually near Interstate 91, which connects with interstates 291 and 90, and 10 miles north of the Connecticut border. In a 5-mile radius of the procuring middle, 202,300 folks reside with a mean family revenue of $88,500, based on ShopOne.
ShopOne CIO Chris Reed said in ready remarks that the corporate plans on persevering with to accumulate belongings in New England, in addition to in different markets that exhibit comparable fundamentals. Heritage Park Plaza is the twelfth grocery-anchored retail middle the three way partnership has bought since March 2022. Just lately, the companions added Bethesda Stroll to their portfolio, a Walmart-anchored property in Atlanta.
