Sean Ryan is associate editor of Real Estate New Jersey.
BOSTON-The Lightstone Group had been in talks to buy the portfolio of locally based Heritage Property Investment Trust, but those plans have been scratched with Heritage pulling out of the deal, a source close to the deal tells GlobeSt.com. "They're now officially not for sale, period." Lightstone believed Heritage's stock was overvalued, the source says.
Heritage is expected to make a public announcement Thursday morning on the matter. Heritage has been in the market to sell many of its non-core assets to fund upcoming development projects. Heritage's stock is publicly traded on the New York Stock Exchange, with a current value of $33.26 per share.
Other potential suitors were reportedly Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, MI, and Schottenstein Real Estate Group, headquartered in Columbus, OH. Calls to Heritage officials were not returned by deadline.
Heritage's portfolio includes 28.7 million sf of retail space in 171 properties in 30 states. Its website states that as of Sept. 30 its portfolio was 92.5% leased.
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