10A — October 25 - November 7, 2019 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marej.com
S hopping C enters By Richard Birdoff, RD Management Creating unmatched shopping experiences in Northern New Jersey
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ver the past few years, as the retail industry experienced a signifi-
destinations. Shopping center owners have come to realize that success lies in a diverse tenant mix that offers multiple draws such as grocery, fitness, health, and en- tertainment concepts. Centers with strong retailers, whether big-box or local, provide cus- tomers with greater flexibility, convenience, and ultimately, an unforgettable experience. However, curating the right tenant mix -- one that drives traffic and is resistant to e- commerce is not an easy feat. It requires significant research, market analysis, and a deep un-
derstanding of the surrounding demographics. At Waterview Marketplace, a new lifestyle center along Rte. 46 in Parsippany, NJ, RD Management and its partners JMF Properties and Ripco Real Estate focused on structuring a tenant mix that could provide customers with a unique shop- ping experience in a convenient location. The dynamic roster of tenants at Waterview Mar- ketplace ranges from health and beauty to grocery and fast- casual restaurants, attracting a broad range of customers with varying needs. The anchor re-
tailer, a state-of-the-art Whole Foods Market, provides the cen- ter with a competitive edge as it is the only Whole Foods store within an 11-mile radius. Open- ing in November 2019, Whole Foods will undoubtedly become a staple within the community and drive traffic to neighbor- ing businesses. Other top-tier tenants that have opened their doors include Orangetheory Fitness, Shake Shack, DSW, The Paper Store, Homesense, Ulta Beauty, and B. Good. Traditional retail centers are also increasingly diversifying their offerings to become mixed
use. Successful mixed-use communities are generally cen- tered around robust retail with added real estate assets includ- ing office, multifamily, hotel, and medical offices. Mixed-use centers have become one of the most attractive development models within the real estate sector as they lower risk for investors and effectively utilize land in urban and suburban markets. These communities draw residents, tenants, and patrons, creating the ultimate live-work-play environment. RD Management currently has five mixed-use properties and over 2,000 multifamily units planned for growing mar- kets including Salt Lake City, Utah; Muskegon, Michigan; and Fort Myers, Florida. Our Harbor View Marketplace in Bayonne, New Jersey recently completed its first phase of con- struction and celebrated the opening of its anchor retailer Costco Wholesale with an 18- pump Costco Gasoline gas sta- tion. The groundbreaking for the second phase of construc- tion took place on October 24, 2019, and will include 100,000 s/f of retail space featuring a variety of notable tenants. The residential portion of the project will deliver 651 multi- family units accompanied by 25,000 s/f of lifestyle amenities including a rooftop-resort style swimming pool and sweeping views of the New York Har- bor and Bayonne Golf Club. Removed from the hustle and bustle of Manhattan, Harbor View Marketplace caters to families and renters looking for a break from the city. Looking ahead, traditional shopping centers andmixed-use developments will need to re- main flexible to adapt to evolv- ing customer expectations. It is up to owners and developers to curate diverse tenant mixes and incorporate a range of uses that bring value to the community. By striking the right balance, shopping centers andmixed-use developments can achieve long- term success. Richard Birdoff is prin- cipal and president of RD Management, one of the na- tion’s largest privately held real estate development and management organizations, with over 150 retail, mixed- use, vacant land, office, hospitality, and self-storage properties in its national portfolio.
cant transfor- mation, a new age of retail has emerged to meet con- sumers’ shift in shopping preferences. Retail bank- ruptcies and
Richard Birdoff
closures have created new opportunities for shopping centers to reinvent themselves and combine different uses to become one-stop shopping
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