ShopOne Centers REIT, a fully integrated U.S. grocery-anchored shopping center investment, management and operating platform, has acquired the 117,337-square-foot Heritage Park Plaza in Massachusetts in a joint venture along with Pantheon and a global institutional investor.
The joint venture entered the Massachusetts market with the strategic acquisition. Heritage Park Plaza is the 12th grocery-anchored neighborhood shopping center the joint venture has acquired since March 2022.
The Stop & Shop–anchored shopping center is located in East Longmeadow, a suburb of Springfield, Mass. The acquisition of Heritage Park Plaza, situated approximately 10 minutes from the Connecticut border, enables the joint venture 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, has benefited from strong and cons