Upland Square at 180 Upland Square Drive in Pottstown — Courtesy: United Hampshire US REIT Management Pte Ltd
By Joshua Burd
A real estate investment trust with ties to The Hampshire Cos. has expanded its holdings with a grocery-anchored shopping center in Pennsylvania’s Montgomery County.
According to United Hampshire US REIT Management Pte Ltd, which manages the portfolio, the acquisition of Upland Square in Pottstown is United Hampshire US REIT’s second acquisition in the Keystone State. The firm said the property, located at 180 Upland Square Drive, spans 400,674 square feet and provides new exposure to Pennsylvania’s third-most populous county, whose average annual household income is $153,498.
Brad Nathanson, senior managing director of investments at Marcus & Millichap’s Institutional Property Advisors division, represented an undisclosed seller in the trade. Terms were not disclosed.
“Despite economic headwinds, credit-grade retail power centers in the eastern United States like Upland Square have showcased tremendous resiliency over the past several years,” said Robert Schmitt, CEO of United Hampshire US REIT Management Pte Ltd. “Through this acquisition, we have a rare opportunity to capitalize on the strong underlying fundamentals of this market to further bolster our portfolio of stable income-producing grocery-anchored and necessity-based retail properties.”
Based in Singapore, the REIT is sponsored by UOB Global Capital and Morristown-based Hampshire. It now has 23 assets in its portfolio, which spans more than 3.8 million square feet, including 21 grocery-anchored and necessity-based properties and two modern self-storage facilities along the Interstate 95 corridor.
Upland Square is one of the largest and most successful grocery-anchored power centers in the Philadelphia metro, the manager said, touting its location along Route 100. Currently 95 percent leased, the property’s anchors include Giant by Ahold Delhaize and TJ Maxx, while it’s shadow-anchored by Target and AMC.
Other retailers at the site include Petco, Party City, Staples and Bed Bath & Beyond.
“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,” said Derek Gardella, head of investments of the UHREIT. “We expect this momentum to continue over the long-term and we are excited to continue to grow our portfolio through the addition of assets like Upland Square over the next several years.”