ShopOne Centers REIT Inc., a fully integrated, grocery-anchored shopping center investment, management, and operating platform, together with its joint venture (JV) partners, Pantheon and a leading global institutional investor, announced their entry into Massachusetts with the acquisition of Heritage Park Plaza in East Longmeadow, a 117,337-square-foot shopping center anchored by Stop & Shop.
Heritage Park Plaza, which is 98% occupied, is strategically located along Route 83, a heavily traveled thoroughfare, and is serviced by three major highways, Interstates 90, 91, and 291. More than 202,300 people reside within five miles of the center, with an average household income of $88,500. Heritage Park Plaza has benefited from strong and consistent sales from its diverse tenant mix, which includes a variety of leading national retailers and regional brands such as Petco, Orangetheory Fitness, Panera, Dollar Tree, Pure Barre, 99 Restaurant and Pub, and H&R Block.
“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,” said Chris Reed, chief investment officer at ShopOne. “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. We look forward to serving consumers in the area and growing our footprint in mature and densely populated markets like this one, as well as in those that exhibit similar characteristics throughout the country.”