Daily Local News (West Chester, PA)
Upland Square to be sold for $85.7M
Another shopping center in the region is about to change hands.
United Hampshire US REIT has announced plans to purchase the Upland Square shopping center in West Pottsgrove for $85.7 million. The shopping center, which is anchored by a Giant Food Store, is being sold by Paramount Realty Services.
United Hampshire US REIT announced that it entered into an agreement of sale on June 9, and expects a closing date for the transaction of July 22.
“Upland Square is a strategic fit with our investment criteria being well located in a vibrant sub-market with limited competition and high barriers to entry for new retail development,” Robert Schmitt, chief executive officer of United Hampshire US REIT, said in a statement. “Additionally, the property benefits from a strong highway infrastructure that provides easy access to and from the growing surrounding residential communities.”,
United Hampshire US REIT is a Singapore real estate investment trust (“REIT”) established with the principal investment strategy of investing in a diversified portfolio of stabilized income-producing grocery-anchored and necessity-based retail properties.
Schmitt added that the company’s recent divestment of two New Jersey properties allows it to “achieve our goal of recycling the proceeds of the sale into a higheryielding, sizeable” asset.”
United Hampshire US REIT is purchasing a total of 400,674 square feet in the shopping center located at 180 Upland Square Drive, off of Route 100 in West Pottsgrove.
Upland Square has 35 tenants and is anchored by Giant. Other tenants in the center include TJ Maxx, Ross and Burlington — three of the most dominant national off-price retailers — according to the company, as well as Petco. Upland Square also has other major tenants including Ashley Furniture and Ulta Beauty Supplies.
Not included in the acquisition, according to United Hampshire US REIT, is the Target, which shadow anchors the property, and the AMC Theatre, which the company said “provides additional draw to the center.”
The acquisition will enhance United Hampshire US REIT’s portfolio diversification by extending its presence on the Eastern Seaboard and strengthening its footprint in Pennsylvania. The company’s portfolio includes properties in Florida, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, and Virginia. This is the company’s second property purchase in Pennsylvania. It also owns the 258,494-square-foot Penrose Plaza in southwest Philadelphia.