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Monday, June 18, 2018

Top Stories > Business

Thompson Square mall sold for $19M

Feb 17, 2017

By Dan Hust - staff writer

The Thompson Square shopping center in Monticello, anchored by ShopRite, has a new owner.
MONTICELLO — Sullivan County's main shopping area now has a new owner.
This week, Heidenberg Properties Group, Strategic Real Estate Partners (SREP), and Norse Realty Group announced the $19.1 million acquisition of the Thompson Square Shopping Center in Monticello.
Previously owned by Starwood subsidiary LNR, Thompson Square is a 117,944-square-foot shopping center anchored by a 54,300-square-foot ShopRite. The center is 90 percent leased and includes national, regional and local tenants including Staples, AutoZone, Catskill Hudson Bank, Brother Bruno's, Subway and GameStop, among others.
A 123,000-square-foot Home Depot, sits immediately adjacent, though it is separately owned and was not part of the January 31 sale.

Heidenberg leaders, who also jointly own the Hershey Square Shopping Center in Hummelstown, Pa., say there's good potential in Monticello.
“When you own a property where you see active development, that's exciting,” explained Vice President of Operations Jason Lazar.
Thompson Square is located just north of the major routes 42/17 intersection, which has a combined traffic count of approximately 38,000 vehicles per day.
While Heidenberg officials said 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, Montreign will consist of a 332-room luxury hotel and spa, an 80,000-square-foot casino, and an 18-hole golf course.
That project 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.
Approximately 60 percent of the shopping center, including the ShopRite and Staples, was built in 2003.
Robert Heidenberg, President and CEO of Heidenberg Properties, commented, “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.”
While Lazar wouldn't comment on specifics yet, he did say Heidenberg hopes to increase and enhance the mix of tenants. The Hershey mall, acquired in 2014, has since been expanded by over 11,000 square feet to 228,000 square feet.
Heidenberg Properties Group is a 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. To learn more, visit
SREP principals have been involved in the acquisition, development, leasing and ownership of multi-family units and retail properties.
Norse Realty Group is a real estate firm based in Lake Success, specializing in the acquisition, development and management of commercial real estate in New York, New Jersey and Pennsylvania.

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