2A — June 17 - July 21, 2022 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ..................Jason Pierson, Pierson Commercial Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
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The Resiliency of Retail Proves to be Commercial Real Estate’s Comeback Kid t has been said that resil- ience increases when one recognizes the magnitude of what has already been ac- complished. Such is the case for neighborhood and community shopping centers during this pandemic economic recovery. In a sector where foot traf- fic is king, these shopping concepts (neighborhood, com- munity and/or convenience centers for the purposes of this discussion) were uniquely challenged by the sudden shut- down of early 2020. Although they were tested similar to their regional-mall counter- parts on some levels – supply- chain issues, stay-at-home orders and evolving shopping behaviors – a significant ma - jority of community shopping center tenants (primarily the local mom-and-pops and re- gional chain-store operators) lacked an omni-channel pres- ence or capability to handle buy or order online, pick-up in store or at the curbside. I
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continued on page 14A Specific highlights include the 203,912 s/f Hazlet Town Center in the all-important sures, they kept their doors open. In turn, they emerged as the admirable adapters of commercial real estate. Two years after the onset of COVID-19, recovery on the neighborhood and com- munity shopping center front continues to be robust, solid and resilient. This is evident in Pierson Commercial’s retail leasing activity in Q1 2022, during which the firm final- ized a substantial number of long-term lease agreements throughout New Jersey.
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Town Center Positioning Fulfills Day-to-Day Needs Despite these hiccups and countless others, neighbor- hood and community shopping centers adapted and leveraged their “town center” identity for day-to-day needs. Often anchored by a grocery store or big-box retailer like Burling- ton, the tenant profile for these centers includes banks/ATMs, convenience stores, take-out and quick-casual dining/res- taurants, personal health, service and lifestyle providers. By amending their customer service strategies and effec- tively communicating their commitment to safety mea-
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