Singapore-Based Real Estate Investment Trust Acquires 400,674-Square-Foot Shopping Center in Pottstown
United Hampshire US REIT, a Singapore-based real estate investment trust, has acquired Upland Square, a 400,674-square-foot, grocery-anchored shopping center in Pottstown for a reported $85.7 million.
Upland Square is one of the metro area’s largest and most successful grocery-anchored power centers. Currently 95 percent leased, the property’s wide range of dominant anchors includes Giant, TJ Maxx, Target, and AMC. The property’s unparalleled shopping and entertainment experience are further enhanced by leases with well-known national retailers such as Petco, Party City, Staples, and Bed Bath & Beyond.
Upland Square’s strong tenant lineup and historical high occupancy are driven by its modern construction and a superior location along Route 100 in Pottstown.
“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, Chief Executive Officer of United Hampshire US REIT. “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.”
Derek Gardella, Head of Investments of United Hampshire US REIT, said, “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. 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.”
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