Exhibit 21.1

LIST OF SUBSIDIARIES

|Berkshire Crossing Retail, LLC                    |  | 
|------------------------------------------------- |  | 
|Berkshire Crossing Shopping Center, LLC           |  | 
|Bradley Finance Corporation                       |  | 
|Bradley Financing Partnership                     |  | 
|Bradley Operating Limited Partnership             |  | 
|Bradley Spring Mall Limited Partnership           |  | 
|Bradley Spring Mall, Inc.                         |  | 
|Colby Grove Retail, LLC                           |  | 
|Grand Traverse Crossing Shopping Center, LLC      |  | 
|Grove Court Shopping Center, LLC                  |  | 
|Heritage-Austen Acquisition, Inc.                 |  | 
|Heritage Buckingham Place SPE MGR LLC             |  | 
|Heritage Buckingham Place SPE Limited Partnership |  | 
|Heritage Burlington Square LLC                    |  | 
|Heritage Clocktower SPE LLC                       |  | 
|Heritage Clocktower SPE MGR Inc.                  |  | 
|Heritage Colonial Commons LP                      |  | 
|Heritage Colonial Commons GP, LLC                 |  | 
|Heritage Colonial Commons Trust                   |  | 
|Heritage Colonial Holdings LP                     |  | 
|Heritage Colonial Holdings GP, LLC                |  | 
|Heritage Colonial Holdings Trust                  |  | 
|Heritage Commonwealth Corp.                       |  | 
|Heritage County Line Plaza SPE MGR LLC            |  | 
|Heritage County Line Plaza SPE LLC                |  | 
|Heritage East Richardson GP LLC                   |  | 
|Heritage East Richardson Limited Partnership      |  | 
|Heritage Lakes Crossing, LLC                      |  | 
|Heritage Mishwaka LLC                             |  | 
|Heritage Montgomery SPE LLC                       |  | 
|Heritage Montgomery SPE MGR Inc.                  |  | 
|Heritage Property Acquisition LLC                 |  | 
|Heritage Property Investment Limited Partnership  |  | 
|Heritage Property Investment Trust, Inc.          |  | 
|Heritage Realty Management, Inc.                  |  | 
|Heritage Realty Special L.P. Corp.                |  | 
|Heritage Southwest GP LLC                         |  | 
|Heritage Southwest Limited Partnership            |  | 
|Heritage SPE Corp.                                |  | 
|Heritage SPE Mgr LLC                              |  | 
|Heritage SPE LLC                                  |  | 
|Heritage Spradlin SPE LLC                         |  | 
|Heritage Spradlin SPE MGR Inc.                    |  | 
|Heritage Trinity Commons SPE MGR LLC              |  | 
|Heritage Trinity Commons SPE Limited Partnership  |  | 
|Heritage Warminster SPE LLC                       |  | 
|Heritage Warminster SPE MGR Inc.                  |  | 
|Heritage Westwood LLC                             |  | 
|Heritage Wolf Creek I, LLC                        |  | 
|Heritage Wolf Creek II, LLC                       |  | 
|Heritage Wolf Creek III, LLC                      |  | 
|Net Manager LLC                                   |  | 
|NH Heritage Limited Partnership                   |  | 
|Pioneer Grand Traverse Company, LLC               |  | 
|Salmon Run Plaza, LLC                             |  | 
|Williamson Square Associates Limited Partnership  |  | 

---



QuickLinks