Shopping center

Upland Square mall will be sold for $85.7 million

WEST POTTSGROVE — Another mall in the area is about to change hands.

United Hampshire US REIT has announced plans to buy Upland Square shopping center in West Pottsgrove for $85.7 million. The mall, whose mainstay is a giant grocery store, is sold by Paramount Realty Services.

United Hampshire US REIT said it entered into a sale agreement on June 9 and expects the transaction to close on July 22.

“Upland Square is a strategic fit, with our investment criteria being well-situated in a vibrant sub-market with limited competition and high barriers to entry for new retail development,” said Robert Schmitt, Director general of United Hampshire US REIT, in a statement. . “Additionally, the property benefits from strong road infrastructure that allows easy access to and from the growing surrounding residential communities.”,

United Hampshire US REIT is a Singapore-based real estate investment trust (“REIT”) established with the primary investment strategy of investing in a diversified portfolio of retail properties focusing on groceries and basic necessities, producing stabilized income.

Schmitt added that the company’s recent divestiture of two New Jersey properties allows it to “achieve our goal of recycling the sale proceeds into a larger, more productive asset.”

United Hampshire US REIT is buying a total of 400,674 square feet in the mall located at 180 Upland Square Drive off Route 100 in West Pottsgrove.

Upland Square has 35 tenants and is anchored by Giant. Other center tenants include TJ Maxx, Ross and Burlington — three of the most dominant national off-price retailers — according to the company, as well as Petco. Upland Square also has other major tenants, including Ashley Furniture and Ulta Beauty Supplies.

Not included in the acquisition are Target, which anchors the property, and the AMC Theater, which the company says “provides additional appeal to the center,” according to United Hampshire US REIT.

The acquisition will improve the diversification of United Hampshire US REIT’s portfolio by expanding its presence on the East Coast and strengthening its presence in Pennsylvania. The Company’s portfolio includes properties in Florida, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania and Virginia. This is the company’s second real estate purchase in Pennsylvania. He also owns the 258,494 square foot Penrose Plaza in Southwest Philadelphia.