6C — April 27 - May 10, 2018 — ICSC RECon — Shopping Centers — M id A tlantic
Real Estate Journal
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ICSC REC on
By Richard Birdoff, RD Management Creating a notable tenant mix in Northern New Jersey
T
alk of the impending “retail apocalypse” and announcements of
elements in a viable tenant mix are the anchor and in-line tenants. The strength of the anchor is the most defining characteristic of a success- ful shopping center, as it is responsible for driving the most foot traffic to the prop- erty. The in-line tenants must complement the anchor, while also adding a mix of shopping, dining, service, and entertain- ment options to the center that offer the customer a variety of experiences when they visit. An example of this plan in action is RD Management’s Waterview Marketplace lo-
cated in Parsippany, New Jersey. Waterview Market- place, which is currently under development to become a state- of-the-art mixed-use center, is anchored by a Whole Foods Market with other notable ten- ants such as Ulta, Orangethe- ory Fitness, Shake Shack, and B.GOOD. Having Whole Foods Market as the anchor is the center’s primary competitive advantage, as the next near- est Whole Foods Market is 11 miles away. Whole Foods Markets are highly anticipated by shoppers due to their focus on health, wellness, and high-
quality food offerings, and are known for increasing traffic to other businesses in a center. In today’s current retail cli- mate, customers are seeking a great experience and one-stop shopping. More often than not, shopping centers that feature wellness, fitness, and personal care options are making sig- nificant strides in the market- place. It was important that we included these categories when designing the tenant layout for Waterview Marketplace. When the opportunity arises to create a new tenant mix, shopping center owners and
developers need to think stra- tegically about the surround- ing market to create a menu of choices that will appeal to the local demographic. Is it grocery, a discount retailer, or perhaps an entertainment hub that will best suit the area and help drive traffic to other busi- nesses? Once you’ve answered this question, you can get to work creating the bones of the center. Finding the perfect tenant mix may often feel like trial and error, but having a strong anchor tenant and complemen- tary yet diverse in-line tenants is a tried-and-true formula for shopping center success. Use Waterview Marketplace’s ten- ant structure as a blueprint, and be on the lookout for the final product coming to the Parsippany community late 2018. RD Management owns 21 retail, mixed-use, vacant land, office, hospitality, and self- storage properties in New Jersey and has more than 150 properties in its national portfolio. Richard Birdoff is prin- cipal and president of RD Management. Hanna Frederick Commercial’s Karopoulos reps. Planet Fitness Easton, PA — Wendy Karopoulos of Hanna Fred- erick Commercial represent- space is 18,200 s/f in a former car dealership that had been vacant for years located at 3143 William Penn Highway, Easton. Planet Fitness took over about one-half of the total available space, and the lease had a value of almost $3 mil- lion and with options the lease value is over $6 million. Their first location which opened in 2016 is in Nazarreth PA and was also brokered by Wendy Karopoulos of Hanna Frederick Commercial. This Planet Fit- ness franchisee currently has two additional locations under construction and plans for at least one more store opening. Wendy Karopoulos ed a Planet Fitness fran- chisee in the l e a s i n g o f their second l ocat i on in No r t hamp - ton and Mon- roe Counties. The l eased
store closings continuously in the news may simply be a sign of the times, or an i nd i c a - t i on s ho p - ping center owners are
Richard Birdoff
missing the big picture when it comes to structuring their tenant mixes. ICSC’s Improving Tenant Mix report states the two key
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