The Hershey Square shopping center in Derry Township has
been sold by the Hershey Trust Co. for $28.5 million.
Developed in 1994, the 218,290-square-foot
grocery-anchored center was purchased by a joint venture led by New
Jersey-based Heidenberg Properties Group. Its partners are New York-based Norse
Realty Group and New Jersey-based Strategic Real Estate Partners.
The deal closed last week, according to Dauphin County
deed records.
The center is anchored by Weis Markets and Kmart and also
includes Applebee’s, Panera Bread and Verizon.
The trust said it selected the real estate partners
because of their track record of property maintenance, leasing and
community-oriented development.
“The trust has been very happy with the performance of
the Hershey Square Shopping Center since it was developed in the early 1990s,”
said Ken Gall, director of real estate.
Robert Heidenberg, CEO of Heidenberg Properties, said he
is determined to continue the trust’s track record in managing the property.
Heidenberg Properties and its partners own and manage
about 3.5 million square feet of retail space in the eastern half of the
country, including locations in the Philadelphia area and the Poconos.
This deal by the trust follows its $3.24 million sale in
July of the downtown Hershey post office property.
Source: Central
Penn Business Journal
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