Joint Venture Between Heidenberg Properties Group, Strategic Real Estate Partners, and Norse Realty Group Acquires Thompson Square Shopping Center for $19.1 Million13 Feb 2017, Posted by Press Release in
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February 13, 2017
A joint venture partnership between Heidenberg Properties Group, Strategic Real Estate Partners (“SREP”), and Norse Realty Group announces the $19.1 million acquisition of the Thompson Square Shopping Center in Monticello, NY.
Thompson Square is a 117,944 square foot shopping center anchored by a 54,300 square foot ShopRite. The center is 90% leased and includes national, regional and local tenants including Staples, AutoZone, Monticello Cinemas, Catskill Hudson Bank, Brother Bruno’s, Subway and GameStop among others. Additionally, the property is shadow-anchored by a 123,000 square foot Home Depot. Thompson Square is located just north of the major Routes 42 and 17 intersection, which has a combined traffic count of approximately 38,000 vehicles per day and has signalized access from Route 42. Approximately 60% of the shopping center, including the ShopRite and Staples, was built in 2003.
Robert Heidenberg, President and CEO of Heidenberg Properties, commented, “The purchase of Thompson Square provides us with that rare opportunity to acquire a supermarket-anchored center with the area’s dominant grocer, and increase value by enhancing the overall tenant mix.” He further stated, “2017 is off to a great start as we have acquired two supermarket-anchored properties in the past three months and continued the organic growth of our portfolio.”
While the trade area is generally comprised of 24,000 consumers, the Catskill Mountains have long been a popular weekend and summer destination, which helps grow the customer base. In addition, the area is benefitting from major economic stimulus through development of the Montreign Casino and Resort, located east of Thompson Square. Opening in 2018, The Montreign will consist of a 332-room luxury hotel and spa, an 80,000 square foot casino, and an 18-hole golf course. It is projected to create 3,000 permanent jobs adding to the center’s customer base. Additional nearby developments include the Veria Lifestyle Wellness Resort with approximately 140 rooms scheduled to open in 2017, as well as an urgent care and medical office building.
This is the second joint venture between Heidenberg Properties, Strategic Real Estate Partners, and Norse Realty Group. The first was the acquisition of the Hershey Square Shopping Center in Hummelstown, Pennsylvania in October 2014, which has since been expanded by over 11,000 square feet to 228,000 square feet.