BOSTON-The real estate investment trust last week celebrated its 40th birthday, but the nation’s oldest REIT will forever be 39 years old. That’s because Bradley Real Estate Inc. has been absorbed by Heritage Property Investment Trust, a private REIT that is owned largely by the New England Teamsters pension fund and the Prudential Insurance Co. The combined assets give Heritage 151 neighborhood and community shopping centers in 27 states, with a total portfolio of nearly 24 million sf.

As part of the agreement, Heritage Chairman Thomas Predergast has replaced Bradley CEO Thomas D’Arcy. Although its name will cease to exist, the remnants of Bradley will have a homecoming of sorts, given that the Illinois-based REIT was created in the Hub in 1961 and remained there until 1996 when D’Arcy decided it made sense to move to the mid-west to be near the bulk of its assets, which were primarily retail.

Heritage initially announced its intentions to acquire Bradley in May for $1.1 billion. Under terms of the final agreement, holders of Bradley’s common stock will receive $22 per share for all outstanding shares of Bradley. The holders of the erstwhile REIT’s Series A convertible preferred stock will receive approximately $22.45 per share for all outstanding shares. The merger was financed via $100 million in equity financing from Prudential Real Estate Investors, while Prudential Mortgage Capital Co. provided a $235 million mortgage loan. Fleet National Bank added $425 million via an unsecured credit facility.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.