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                                                                    EXHIBIT 4.14

                                    GUARANTEE

       For value received, the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payments in United States Dollars of any amounts due with respect to the Notes
(and including Additional Interest payable thereon) in the amounts and at the
times when due and interest on all overdue amounts, if lawful, and the payment
or performance of all other obligations of the Company or any other Guarantor
under the Indenture or the Notes, to the Holder of this Note and the Trustee,
all in accordance with and subject to the terms and limitations of this Note,
Article 11 of the Indenture and this Guarantee. This Guarantee will become
effective in accordance with Article 11 of the Indenture and its terms shall be
evidenced therein. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any particular Note.

       Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Indenture dated as of October 15, 2004, among Heritage
Property Investment Trust, Inc., a Maryland corporation, the Guarantors and
LaSalle Bank, National Association, as trustee (the "Trustee"), as amended or
supplemented (the "Indenture").

       The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

       THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW. The Guarantor hereby agrees to submit to the jurisdiction of
the courts of the State of New York in any action or proceeding arising out of
or relating to this Guarantee.

       This Guarantee is subject to release upon the terms set forth in the
Indenture.

       The undersigned acknowledges that this Guarantee is subject to the TIA,
if and when the Indenture is so subject, and the undersigned agrees to discharge
its duties under the TIA.

       IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

       Dated: October 15, 2004

                                    Heritage Property Investment Limited
                                      Partnership, as Guarantor

                                    By: /s/ Thomas C. Prendergast
                                       -----------------------------------------
                                    Name:  Thomas C. Prendergast
                                    Title: President and Chief Executive Officer
                                           Heritage Property Investment
                                           Trust, Inc., as General Partner

<Page>

                                    GUARANTEE

       For value received, the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payments in United States Dollars of any amounts due with respect to the Notes
(and including Additional Interest payable thereon) in the amounts and at the
times when due and interest on all overdue amounts, if lawful, and the payment
or performance of all other obligations of the Company or any other Guarantor
under the Indenture or the Notes, to the Holder of this Note and the Trustee,
all in accordance with and subject to the terms and limitations of this Note,
Article 11 of the Indenture and this Guarantee. This Guarantee will become
effective in accordance with Article 11 of the Indenture and its terms shall be
evidenced therein. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any particular Note.

       Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Indenture dated as of October 15, 2004, among Heritage
Property Investment Trust, Inc., a Maryland corporation, the Guarantors and
LaSalle Bank, National Association, as trustee (the "Trustee"), as amended or
supplemented (the "Indenture").

       The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

       THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW. The Guarantor hereby agrees to submit to the jurisdiction of
the courts of the State of New York in any action or proceeding arising out of
or relating to this Guarantee.

       This Guarantee is subject to release upon the terms set forth in the
Indenture.

       The undersigned acknowledges that this Guarantee is subject to the TIA,
if and when the Indenture is so subject, and the undersigned agrees to discharge
its duties under the TIA.

       IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

       Dated: October 15, 2004

                                    Heritage Property Investment Limited
                                      Partnership, as Guarantor

                                    By: /s/ Thomas C. Prendergast
                                       -----------------------------------------
                                    Name:  Thomas C. Prendergast
                                    Title: President and Chief Executive Officer
                                           Heritage Property Investment
                                           Trust, Inc., as General Partner<Page>

                                                                    EXHIBIT 4.15

                                    GUARANTEE

       For value received, the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payments in United States Dollars of any amounts due with respect to the Notes
(and including Additional Interest payable thereon) in the amounts and at the
times when due and interest on all overdue amounts, if lawful, and the payment
or performance of all other obligations of the Company or any other Guarantor
under the Indenture or the Notes, to the Holder of this Note and the Trustee,
all in accordance with and subject to the terms and limitations of this Note,
Article 11 of the Indenture and this Guarantee. This Guarantee will become
effective in accordance with Article 11 of the Indenture and its terms shall be
evidenced therein. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any particular Note.

       Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Indenture dated as of October 15, 2004, among Heritage
Property Investment Trust, Inc., a Maryland corporation, the Guarantors and
LaSalle Bank, National Association, as trustee (the "Trustee"), as amended or
supplemented (the "Indenture").

       The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

       THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW. The Guarantor hereby agrees to submit to the jurisdiction of
the courts of the State of New York in any action or proceeding arising out of
or relating to this Guarantee.

       This Guarantee is subject to release upon the terms set forth in the
Indenture.

       The undersigned acknowledges that this Guarantee is subject to the TIA,
if and when the Indenture is so subject, and the undersigned agrees to discharge
its duties under the TIA.

       IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

       Dated: October 15, 2004

                                    Bradley Operating Limited Partnership,
                                      as Guarantor

                                    By: /s/ Thomas C. Prendergast
                                       -----------------------------------------
                                    Name:  Thomas C. Prendergast
                                    Title: President and Chief Executive Officer
                                           Heritage-Austen Acquisition, Inc.,
                                           as General Partner

<Page>

                                    GUARANTEE

       For value received, the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payments in United States Dollars of any amounts due with respect to the Notes
(and including Additional Interest payable thereon) in the amounts and at the
times when due and interest on all overdue amounts, if lawful, and the payment
or performance of all other obligations of the Company or any other Guarantor
under the Indenture or the Notes, to the Holder of this Note and the Trustee,
all in accordance with and subject to the terms and limitations of this Note,
Article 11 of the Indenture and this Guarantee. This Guarantee will become
effective in accordance with Article 11 of the Indenture and its terms shall be
evidenced therein. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any particular Note.

       Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Indenture dated as of October 15, 2004, among Heritage
Property Investment Trust, Inc., a Maryland corporation, the Guarantors and
LaSalle Bank, National Association, as trustee (the "Trustee"), as amended or
supplemented (the "Indenture").

       The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 11 of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

       THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW. The Guarantor hereby agrees to submit to the jurisdiction of
the courts of the State of New York in any action or proceeding arising out of
or relating to this Guarantee.

       This Guarantee is subject to release upon the terms set forth in the
Indenture.

       The undersigned acknowledges that this Guarantee is subject to the TIA,
if and when the Indenture is so subject, and the undersigned agrees to discharge
its duties under the TIA.

       IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

       Dated: October 15, 2004

                                    Bradley Operating Limited Partnership,
                                      as Guarantor

                                    By: /s/ Thomas C. Prendergast
                                       -----------------------------------------
                                    Name:  Thomas C. Prendergast
                                    Title: President and Chief Executive Officer
                                           Heritage-Austen Acquisition, Inc.,
                                           as General Partner

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