Wednesday, August 10, 2022

REIT Buys Grocery-Anchored Center in Upland Square PA for $85.7 Million

A Singapore real estate investment trust co-sponsored by Hampshire Cos. has acquired a grocery-anchored shopping center outside of Philadelphia for $85.7 million, according to CoStar data.

United Hampshire US REIT, or UHREIT, purchased Upland Square, a 400,674-square-foot retail property at 180 Upland Square Drive in Pottstown, Pennsylvania. The seller was Paramount Realty Services of Lakewood, New Jersey, according to CoStar data.

The shopping center is 95% leased, with a tenant roster that includes supermarket Giant by Ahold Delhaize and T.J. Maxx, and is shadow-anchored by Target and AMC. Other occupants include Petco, Party City, Staples and Bed Bath & Beyond.

UHREIT is sponsored by Morristown, New Jersey-based Hampshire and UOB Global Capital. The latest transaction brings the REIT's holdings up to 23 properties. Spanning over 3.8 million square feet, UHREIT's portfolio now includes 21 grocery-anchored and necessity-based properties and two self-storage facilities along the Interstate 95 corridor, Hampshire said in a statement on Monday.

“The eastern United States’ combination of population density and high household income have ensured it continues to stand out among the nation’s retail markets," Derek Gardella, UHREIT's head of investments, said in a statement. "We expect this momentum to continue over the long-term."

Upland Square is located in Montgomery County, the third-most populous county in the Keystone State. It has a population of 836,948 with an average annual household income of $153,498.

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