Upland Square shopping center to be sold for $85.7 million
WEST POTTSGROVE — A further searching center in the area is about to alter arms.
United Hampshire US REIT has announced strategies to buy the Upland Square searching centre in West Pottsgrove for $85.7 million. The procuring heart, which is anchored by a Large Meals Shop, is being marketed by Paramount Realty Providers.
United Hampshire US REIT introduced that it entered into an arrangement of sale on June 9, and expects a closing date for the transaction of July 22.
“Upland Sq. is a strategic match with our investment criteria becoming effectively positioned in a lively sub-market place with constrained competitors and substantial obstacles to entry for new retail development,” Robert Schmitt, main executive officer of United Hampshire US REIT, explained in a assertion. “Additionally, the home positive aspects from a strong highway infrastructure that offers easy obtain to and from the increasing surrounding residential communities.”,
United Hampshire US REIT is a Singapore true estate financial commitment believe in (“REIT”) founded with the principal expenditure technique of investing in a diversified portfolio of stabilized cash flow-manufacturing grocery-anchored and necessity-based retail homes.
Schmitt included that the company’s modern divestment of two New Jersey attributes lets it to “achieve our purpose of recycling the proceeds of the sale into a bigger-yielding, sizeable” asset.”
United Hampshire US REIT is acquiring a total of 400,674 sq. feet in the purchasing center positioned at 180 Upland Sq. Travel, off of Route 100 in West Pottsgrove.
Upland Sq. has 35 tenants and is anchored by Large. Other tenants in the centre consist of TJ Maxx, Ross and Burlington — three of the most dominant countrywide off-selling price retailers — in accordance to the enterprise, as nicely as Petco. Upland Square also has other key tenants like Ashley Household furniture and Ulta Attractiveness Supplies.
Not bundled in the acquisition, according to United Hampshire US REIT, is the Focus on, which shadow anchors the assets, and the AMC Theatre, which the corporation claimed “provides further attract to the middle.”
The acquisition will improve United Hampshire US REIT’s portfolio diversification by extending its existence on the Eastern Seaboard and strengthening its footprint in Pennsylvania. The company’s portfolio features houses in Florida, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, and Virginia. This is the company’s next residence buy in Pennsylvania. It also owns the 258,494-sq.-foot Penrose Plaza in southwest Philadelphia.