What Waterstone Properties Group does

Waterstone Properties Group, Inc. is a private commercial real estate investment, development, and management company headquartered in Needham, Massachusetts, founded in 2005. The company operates a portfolio of more than 40 shopping center properties and approximately 3 million square feet of active development, spanning 16+ U.S. states across the Southeast and Northeast (including New Hampshire, Maine, Massachusetts, Florida, South Carolina, North Carolina, New York, Connecticut, Pennsylvania, Alabama, Illinois, New Jersey, and Tennessee). Waterstone develops and manages retail power centers, medical office buildings, mixed-use experiential destinations, industrial/logistics facilities, and corporate headquarters build-to-suit projects, with flagship assets such as the 2 million square foot Rock Row mixed-use development in Westbrook, ME and the 400,000 SF Ridge project in Rochester, NH.

The company's business model centers on recurring rental income from long-term leases with a tenant base exceeding 300 names, ranging from national anchors (Home Depot, Market Basket, Target, Bob's Discount Furniture, Food Lion) to healthcare systems (Northwell Healthcare, Mass General Brigham, Beth Israel Deaconess). Waterstone augments rental revenue with transactional income from strategic outparcel and pad-site sales, development fees from large master-planned projects, and value-creation through asset acquisitions, recapitalizations, and capital partnerships with institutional investors such as Peaceable Street Capital. The company goes to market through a sales-led direct leasing team supported by exclusive broker relationships (Collett, Atlantic Retail, SRSRE, Summit Realty Partners, CBRE), and supports existing tenants via a commercial leasing portal.

Waterstone's operational structure is lean (11-50 employees) and asset-driven, executing value-creation by acquiring undermanaged properties, redeploying capital from non-strategic asset sales, and partnering with institutional capital to optimize capital structures while retaining operational control. Recent activity includes the September 2025 acquisition of Hanes Towne Village in Winston-Salem, NC for $32.7 million and an April 2026 preferred equity recapitalization with Peaceable Street Capital on that asset, alongside the sale of a KidStreet Urgent Care outparcel. Neal Shalom is identified as Founder and Principal. The company is privately held with no public ticker, no disclosed funding rounds, and no public revenue.

Name

Waterstone Properties Group

Legal name

Waterstone Properties Group, Inc.

Website

https://waterstonepg.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Waterstone Properties Group is a private commercial real estate developer and operator headquartered in Needham, MA, managing 40+ shopping centers and 3 million square feet of active development across 16+ U.S. states. The company serves national retailers, healthcare systems, and corporate tenants with retail, medical, mixed-use, and build-to-suit assets.

Ownership category

akta.pro rank

Headquarters

HQ city

Needham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Commercial Property Leasing: Rental income from retail, office, medical, and industrial properties across their portfolio of 40+ shopping centers and millions of square feet of commercial space. Revenue is recurring through long-term lease agreements with tenants ranging from national anchors to local retailers.
2. Property Sales and Monetization: Proceeds from strategic outparcel sales and full property dispositions as part of value-creation strategy. The company sells non-strategic assets and pad sites to crystallize value and enhance liquidity, redeploying capital into new acquisitions.
3. Development and Master Planning: Fees and value creation through large-scale mixed-use developments such as Rock Row (2M SF) and The Ridge (400,000 SF at full buildout). Development includes retail, dining, entertainment, residential, hospitality, and medical components.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Waterstone Properties Group is a commercial real estate company that develops, acquires, leases, and manages shopping centers, medical office buildings, mixed-use properties, industrial facilities, and build-to-suit corporate headquarters across the Northeast and Southeast United States. The company operates a portfolio of 40+ shopping center properties with 300+ tenants and approximately 3 million square feet under active development, generating recurring rental income while executing value-creation strategies through asset acquisitions, outparcel sales, and strategic capital partnerships.

Product overview

Waterstone Properties Group is a commercial real estate company that develops, acquires, and manages shopping centers, medical office buildings, mixed-use properties, industrial facilities, and residential/hospitality developments. The company operates a portfolio of over 40 shopping center properties and manages approximately 3 million square feet across multiple states including New Hampshire, Maine, Massachusetts, Florida, South Carolina, North Carolina, New York, Connecticut, Pennsylvania, Alabama, Illinois, New Jersey, and Tennessee.

Differentiator

Problem solved

Functional benefit

Brands

• Rock Row: Two million square foot mixed-use experiential outdoor entertainment and retail destination in Westbrook, ME featuring Market Basket, retail, dining, entertainment, and the Rock Row Health Campus.

Products and services

• Rock Row
• Brickyard Square
• Seabrook Crossing
• Hammock Landing
• Hanes Towne Village
• The Ridge (Ridge Phase 2 Mixed-Use)
• Medical Office Buildings and Health Campuses
• Corporate Headquarters and Build-to-Suit Offices
• Industrial, Logistics, Warehousing, and Data Center Facilities

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Regency Centers: Regency Centers is a premier grocery-anchored shopping center REIT with 480+ properties. Comparable to Waterstone's high-quality shopping center focus and relationships with national grocery and retail anchors.
• Kimco Realty: Kimco is one of the largest publicly-traded shopping center REITs in North America with over 700 properties. Directly comparable to Waterstone's grocery-anchored shopping center strategy and value-add repositioning of open-air retail.
• RPT Realty: RPT Realty is a shopping center REIT with a portfolio of open-air grocery-anchored centers. Comparable to Waterstone in target tenant profile and value-add repositioning focus on grocery-anchored retail.
• Phillips Edison & Company: Phillips Edison is a publicly-traded REIT focused on grocery-anchored shopping centers. Comparable to Waterstone's anchor-led retail strategy and focus on necessity-based retail in high-growth markets.
• Brixmor Property Group: Brixmor owns and operates a national portfolio of 370+ open-air shopping centers. Closely comparable to Waterstone in target tenant mix (grocery anchors, national retailers), geographic strategy, and value-add repositioning playbook.
• Federal Realty Investment Trust: Federal Realty is a leading publicly-traded shopping center and mixed-use REIT with a portfolio of 100+ properties. Highly comparable to Waterstone given its focus on open-air shopping centers, mixed-use destinations, and grocery-anchored retail with national tenants.
• SITE Centers: SITE Centers is a shopping center REIT focused on open-air retail in dense suburban markets. Comparable to Waterstone's shopping center concentration and focus on necessity-based retail anchors.
• Kite Realty Group: Kite Realty is a shopping center REIT operating 160+ open-air centers. Directly comparable in scale and product type to Waterstone's portfolio, with similar focus on grocery-anchored and mixed-use retail.
• Acadia Realty Trust: Acadia owns and manages open-air shopping centers and mixed-use properties. Comparable to Waterstone in mixed-use development expertise and value-add repositioning strategy.

Emerging players

• Welltower: Welltower is a healthcare-focused REIT with substantial medical office exposure. Comparable to Waterstone's ~4M SF healthcare practice and major health system tenant relationships (Northwell, Mass General Brigham).

Market position

Weaknesses3 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/waterstone_

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waterstone Properties Group