Heidenberg Properties Group JV with Strategic Real Estate Partners and Norse Realty Group acquire Thompson Sq. Shopping Center

Monticello, NY A joint venture partnership between Heidenberg Properties Group, Strategic Real Estate Partners (SREP), and Norse Realty Group has completed the $19.1 million acquisition of the Thompson Sq. Shopping Center.

Thompson Sq. is a 117,944 s/f shopping center anchored by a 54,300 s/f 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 s/f Home Depot. Thompson Sq. is located north of the Rtes. 42 and 17 intersection, which has a combined traffic count of 38,000 vehicles per day and has signalized access from Rte. 42. 60% of the shopping center, including the ShopRite and Staples, was built in 2003.

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.

Robert Heidenberg, president and CEO of Heidenberg Properties, said, “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. 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

Heidenberg Properties Group is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net-leased properties, and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities.

Over the past 30 years, SREP principals have been involved in the acquisition, development, leasing and ownership of multi-family units and retail properties. In addition, they have acquired mezzanine debt and distressed debt positions.

Norse Realty Group is a real estate firm based in Lake Success, NY, specializing in the acquisition, development and management of commercial real estate in New York, New Jersey and Pennsylvania.