ShopOne Enters Massachusetts With Retail Center Buy

Heritage Park Plaza. Image courtesy of ShopOne

A joint venture between ShopOne, Pantheon and an undisclosed institutional investor has acquired Heritage Park Plaza, a 117,337-square-foot shopping center in East Longmeadow, Mass., a suburb of Springfield. The property changed hands for $28.3 million, public records show. The asset last traded in 2013, when KPR acquired it for $27.3 million, according to CommercialEdge data.

Completed in 1974, the property comprises two buildings on a 13.2-acre site and is anchored by a Stop & Shop. Other tenants include Petco, Dollar Tree, 99 Restaurant and Pub, Pure Barre and Panera. At the time of the purchase the shopping center was 98 percent occupied.

Located at 406 N. Main St., the property is some 4 miles from Springfield. It is also close to Interstate 91, which connects with interstates 291 and 90, and 10 miles north of the Connecticut border. In a 5-mile radius of the shopping center, 202,300 people reside with an average household income of $88,500, according to ShopOne.

ShopOne CIO Chris Reed stated in prepared remarks that the company plans on continuing to acquire assets in New England, as well as in other markets that demonstrate similar fundamentals. Heritage Park Plaza is the 12th grocery-anchored retail center the joint venture has purchased since March 2022. Recently, the partners added Bethesda Walk to their portfolio, a Walmart-anchored property in Atlanta.