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Heidenberg, SREP partner on $36M suburban retail buy

A joint venture partnership between Heidenberg Properties Group and Strategic Real Estate Partners (SREP) announced the $35.9 million acquisition of The Potomac Marketplace in Ranson, West Virginia.

The 370,000 s/f shopping center is anchored by a Weis Supermarket, Home Depot, Kohl’s, and Petco. It is 92 percent occupied and has approximately 51,000 square feet of inline store space and outlots.

The Potomac Marketplace is the dominant retail presence in the Ranson and Charles Town trade area (which includes historic Harpers Ferry). Route 9 has become the major retail corridor in the region with the next closest hubs located over 15 and 20 miles away in Martinsburg, West Virginia and Winchester, Virginia respectively.

Robert Heidenberg, president and CEO of New Jersey-based Heidenberg Properties, commented, “We believe that we are adding The Potomac Marketplace to the portfolio at the right time, as the trade area is poised to take advantage of catalysts for housing growth.”

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