ShopOne and its JV Partners Enter Massachusetts with Acquisition of Stop & Shop-Anchored Shopping Center Heritage Park Plaza in East Longmeadow
NEW YORK (BUSINESS WIRE) - ShopOne Centers REIT Inc. (“ShopOne”), a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, together with its joint venture (“JV”) partners, Pantheon and a leading global institutional investor, today announced their entry into Massachusetts with the acquisition of Heritage Park Plaza. The 117,337 square foot Stop & Shop anchored shopping center is located in East Longmeadow, a suburb of Springfield. The strategic acquisition of Heritage Park Plaza, situated approximately 10 minutes from the Connecticut border, enables the JV to capitalize on the positive fundamentals of these two New England states, which boast strong demographics, high household incomes and substantial barriers to entry.
Heritage Park Plaza, which is 98 percent occupied, is strategically located along Route 83, a heavily-traveled local thoroughfare, and is serviced by three major highways – Interstates 90 (Massachusetts Turnpike), 91 and 291. More than 202,300 people reside within 5 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,” stated 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.”
Heritage Park Plaza is the 12th grocery-anchored neighborhood shopping center the JV has acquired since March 2022. The JV has more than $1 billion of total investment capacity and features a $225 million senior credit facility. Other notable properties the JV has acquired include Bethesda Walk and Kennesaw Walk in Atlanta, Lake Ridge Commons in Washington D.C., and Shoppes on the Parkway in Raleigh, North Carolina.
ShopOne Centers is a fully integrated investment, management and operating platform focused exclusively on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients. The Company’s retail centers are located in established trade areas and are supported by a diverse mix of 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 ShopOne.com.
Pantheon Group* (“Pantheon”) is a leading global private markets specialist currently investing on behalf of more than 1,000 investors, including public and private pension plans, insurance companies, endowments, foundations and private wealth clients. Founded in 1982, Pantheon has an established reputation across private market asset classes, covering all stages and geographies, and provides investment solutions that include flagship fund offerings, as well as integrated programs and customized solutions.
As of December 31, 2022, Pantheon had $92.8 billion in assets under management and advice and the firm currently has more than 460 employees located across its offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Its global workforce includes more than 140 investment professionals. To learn more about Pantheon, please visit www.pantheon.com.
Pantheon is an Affiliate of Affiliated Managers Group Inc. (NYSE: AMG), a leading partner to independent active investment management firms globally.
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