Heidenberg Properties Group Creatively Expands Hershey Square Shopping Center
24 May 2016, Posted by in Press Release
See article in GlobeSt.com
May 24, 2016
Creative redevelopment is the key to the expansion of the Hershey Square Shopping Center in Hummelstown, PA, which is increasing by 9,151 to 227,441 square feet through new construction and reallocation of space, announced Heidenberg Properties Group, the center’s developer.
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 expanding residential market and high volume of tourism surrounding Hersheypark and Penn State Hershey Medical Center has resulted in a 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,” explains 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.”
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% 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 as are an abundance of hotels and resorts including Holiday Inn Express, Hershey Lodge, the Hotel Hershey, Hilton Garden, and Hershey Country Club.
While 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 and provide additional dining and services to this vibrant trade area.
A population of more than 31,000 people within three miles (with an average household income of more than $91,000) rises to more than 262,000 within 10 miles. According to City-Data, the population has risen some 11.6 percent since 2000.