After acquiring over 600,000 s/f of grocery-anchored shopping centers for over $50 million in 2017, it would have been understandable if Heidenberg Properties spent 2018 merely absorbing the approximate 25% increase to its portfolio. Instead, the private development company continued to make deals through additional acquisitions 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 Properties 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.