Tuesday, May 24, 2016

Heidenberg Properties Expands Hershey Square Shopping Center In Hummelstown, PA

by Steve Lubetkin, Globest.com
Creative redevelopment is the key to the expansion of the Hershey Square Shopping Center in Hummelstown, PA, says Heidenberg Properties Group, the center’s developer.

Heidenberg is increasing the center’s available space by 9,151 square feet, to 227,441 square feet through new construction and reallocation of existing space, the developer says.

The expanding residential market and high volume of tourism surrounding Hersheypark and Penn State Hershey Medical Center have created robust demand for space from local retailers.

“Because of its strong residential base and the many visitors to the entertainment, business and recreational attractions, retailers have been clamoring for space in the Hershey area, but there is little available,” says Ken Simon, vice president of Real Estate. “Fortunately, we were able to maximize the construction on our existing property, allowing us to create new spaces in one of the best locations in the market.”
By recapturing inline space used as a stockroom by PA Wines & Spirits, two active retailers are being added to the tenant mix, including Sleepy’s in 3,800 square feet and Pet Valu in 3,000 square feet.

The new stockroom was constructed in the rear of the building allowing the state run retailer to install its latest “Premium Collection” prototype and commit to the location for 10 additional years.

In addition, a vacant pad building of 2,025 square feet at the time of acquisition has been demolished and replaced by a 6,750 square foot multi-tenant building. Visionworks, Five Guys Burgers & Fries and a medical testing lab are currently fitting out their stores to open this summer.

The new tenants plan to be open by Labor Day and will join an outstanding mix of national and regional tenants including anchors Kmart and Weis Markets, as well as Panera Bread, Applebee’s, GNC, and Verizon. The center is currently 99 percent occupied with only one 1,600 square foot space available.

Located in the heart of Hershey’s entertainment, medical and educational campuses, Hershey Square Shopping Center is situated 14 miles east of Harrisburg at the convergence of Routes 422, 322, and 39. Penn State Hershey Medical Center, home to the Penn State Cancer Institute, College of Medicine and Children’s Hospital, as well as the University Physician Center is located directly across Routes 422 and 322. Hersheypark, which draws more than 2 million visitors annually, is less than three miles from the center.

The Hershey Square Shopping Center was developed in 1994. Heidenberg Properties Group, Norse Realty Group, and Strategic Real Estate Partners acquired the retail property from The Hershey Trust Co. in October 2014. Less than two years later, the center will have expanded by almost 10,000 square feet.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.