Real Estate Journal — Shopping Centers — December 28, 2018 - January 10, 2019 — 7A
www.marejournal.com
M id A tlantic
S hopping C enters
Company to create enhanced shopping experiences in 2019 HeidenbergPropertiesGroupcontinues 2018growth trajectory through development & acquisition
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fter acquiring over 600,000 s/f of grocery- anchored shopping
307,000 s/f Culpeper Colon- nade in Culpeper, VA from Re- gency Centers Corporation in October. Anchored by Martin’s Food Market, Dick’s Sporting Goods, and PetSmart, and shadow-anchored by Target, the center is supported by a variety of fast-casual dining options including Chick-fil-A, Panera Bread, Glory Days Grill, and Chipotle. Heiden- berg Properties’ development team will be begin replacing current junior anchor Staples withMichaels in 2019. Culpep- er Colonnade is representative of the acquisition strategy the group has executed over the past few years: a well-located,
dominant, grocery-anchored center, with both service and experience-oriented inline ten- ants and outlots. Finally, in November, as a conclusion to a 14-month redevelopment, Heidenberg Properties celebrated the grand opening of a brand new prototype 49,000 s/f Stop & Shop Supermarket at the Lake Plaza Shopping Center in Mahopac, NY. The new an- chor tenant replaced a former undersized 24,000 s/f grocer and was complimented by a new parking lot, redesigned façade, and energy-efficient lights as well as a brand new 3,800 s/f Pet Valu, marking
the third opening of Pet Valu within Heidenberg Properties’ portfolio. 2019 will bring even more growth opportunities for Heidenberg Properties. The 370,000 s/f Potomac Market- place in Ranson, WV, anchored by Home Depot, Kohl’s, and Weis, will be expanded for a new junior anchor. In addition, as a result of the Sears/Kmart bankruptcy filing, Heiden- berg Properties has exciting redevelopment plans for the 227,000 s/f Hershey Square Shopping Center in Hummel- stown, PA. According to COO Jason Lazar, “As it relates to the former Kmarts, we have
been planning the redevelop- ment of these centers with stronger tenants and desired uses. Although we aren’t pub- licly disclosing our plans yet, we are very excited for the value we will be creating and the enhanced shopping experi- ences that will unfold in 2019.” Ja s on La z a r j o i ned Heidenberg Properties Group in 2012 where he serves as its COO. In ad- dition to overseeing all of the company’s finance initiatives, he leads its ac- quisition efforts, including capital structuring, due diligence and integration into the portfolio.
centers for over $50 mil- lion in 2017, it would have been under- standable if Heidenberg P r o p e r t i e s spent 2018 mere l y ab -
Jason Lazar
sorbing the approximate 25% increase to its portfolio. In- stead, the private development company continued to make deals through additional ac- quisitions and the strategic redevelopment of its portfolio. In early 2018, Heidenberg Properties completed Phase I of the redevelopment of Mt. Pocono Plaza in Mt. Pocono, PA. A former 86,000 s/f Kmart was replaced by Ollie’s Bargain Outlets and Planet Fitness bringing both treasure-hunt and healthy lifestyle tenancies to a market looking for unique experiences. Heidenberg Prop- erties is currently working on the remaining 40,000 s/f of well-located anchor space in Phase II. The developer also focused its attention on the Thompson Square Shopping Center in Monticello, NY acquired in January 2017. Anchored by ShopRite and Home Depot, the 240,000 s/f center benefited from prominent anchors but needed more dynamic uses for the inline stores. Ownership was able to relocate an exist- ing Subway to allow for a re- model and new prototype and in the process, created 8,413 s/f of contiguous space for the Middletown Medical Group. A new, well-trafficked location was key to Middletown Medi- cal’s decision to consolidate offices at Thompson Square. The Monticello trade area has recently experienced signifi- cant redevelopment including mega-casino Resorts World Catskills, the YO1 Wellness Center, and the impending Chatwal Lodge. Heidenberg Properties was also able to recapture a 13,000 s/f underutilized theater space and will announce plans for a highly desirable use in connec- tion with an expansion of the gross leasable area and other physical improvements to the shopping center in 2019. Heidenberg Properties con- tinued to grow its portfolio in the Mid-Atlantic, acquiring the
New Acquisition!
C U L P E P E R C O L O N N A D E 1 5 3 5 9 MONTANUS DR I VE , CULPEPER , VA 2 2 7 0 1 307 , 9 4 4 S F RETA I L CENTER
Purchased Fall 2018 from Regency Centers Corporation
Future
Limited Store Space Available!
For acquisition and leasing information, contact: Ken Simon x21 | VP of Real Estate | ksimon@heidenbergproperties.com 201-768-1300 234 Closter Dock Road | Closter, NJ 07624 | www.heidenbergproperties.com
Our dynamic shopping center and retail portfolio includes 3,000,000 square feet throughout New York, New Jersey, Pennsylvania, Vermont, Michigan, Virginia, and West Virginia.
HP05.N3 Culpeper New Acq MAREJ 12-28-18.indd 1
12/17/18 4:39 PM
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