Heritage Buying Retail Portfolio

Heritage Property Investment Trust, Boston, is acquiring a portfolio of eight retail properties from Trademark Property Co. for approximately $160 million.The primarily grocery-anchored properties -- four of which are located in the Dallas/Fort Worth area, three in the Houston area, and one in Jackson, Miss. -- are 93% leased, Heritage said. The REIT said the acquisition will provide geographical diversification to its portfolio as well as "provide a platform for future expansion throughout the Southwest." Heritage expects to fund the acquisition through the assumption of existing mortgage debt on the properties, the use of its line of credit, and by taking on more debt. The total gross leasable area of the properties is approximately 1.2 million square feet, the REIT said.