Invesco Real Estate JV Breaks Ground on Dallas-Area Industrial Park – What is a Ground Lease?

ShopOne Enters Massachusetts With Retail Center Buy – What is a Ground Lease?

 Investment, News, Northeast, Retail, ShopOne Centers REIT Inc 

Image by Franki Chamaki via Unsplash

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 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.

The post ShopOne Enters Massachusetts With Retail Center Buy appeared first on Commercial Property Executive.

 The property last traded in 2013 for $27.3 million.
The post ShopOne Enters Massachusetts With Retail Center Buy appeared first on Commercial Property Executive. Read More 

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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