REAL ESTATE

Bass Pro Shops signs on for The Point, new mixed used development center in New Jersey

BY Marianne Wilson

King of Prussia, Pa. — O’Neill Properties Group announced that Bass Pro Shops has signed a letter of intent for a 200,000-sq.-ft. store at The Point, in Sayreville, N.J., one of the largest new mixed use developments in the United States.

When completed, the Point will encompass 8 million sq. ft., and include a 3 million-sq.-ft. mall and entertainment district with luxury retail, waterfront and recreation destinations, high-end residential units, high-end hotels and two luxury marinas.

It will also feature waterfront dining, a community center, bike trails, walking paths, and abundant green and open space including a waterfront promenade. The estimated development cost for the project is approximately $2 billion.

“The Point will be a pedestrian friendly community providing visitors and residents alike with a lifestyle experience unequaled in the Tri-State area,” stated Brian O’Neill, founder and chairman of O’Neill Properties Group. “Moreover, it will generate thousands of jobs and millions of dollars in new tax revenue.”

The Landing at The Point, the first phase of the project’s development, will be a 620,000-sq-ft. high-end multi-purpose retail center that will include several big-box stores, a supermarket, health club and entertainment destinations. The first retail tenant is expected onsite in 2013.

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OPERATIONS

The Pantry to sell 114 stores

BY Staff Writer

Cary, N.C. — Convenience-store operator The Pantry is selling 114 locations located in nine states throughout the Southeast. The properties are a combination of owned and leased locations. All are operating convenience stores with gasoline, except for one standalone store.

NRC Realty Capital Advisors, Chicago, is assisting The Pantry in the sale. As of May 9, The Pantry operated 1,659 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.

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OPERATIONS

Kroger appoints diversity officer

BY Staff Writer

New York City — Kroger Co. appointed Reuben Shaffer as its chief diversity officer, effective immediately.

Shaffer has been the company’s VP of retail operations for the Cincinnati/Dayton division since 2001. In his new position, he will oversee Kroger’s diversity initiatives, including supplier diversity and integrating the company’s ongoing commitment to create an inclusive culture into business and organization initiatives.

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