REAL ESTATE

ShopRite enters as anchor at New Jersey Center

BY Al Urbanski

A Marshalls, a Home Goods, a Saks Off 5th, and an A.C. Moore in Shrewsbury, N.J., are about to gain themselves a valuable grocery anchor.

National Realty & Development Corp. managed to sign ShopRite to occupy a lot across from its Shrewsbury Plaza and has demolished a business center there to begin construction on a 77,100-sq.-ft. supermarket. The store is expected to open in late 2019.

The ShopRite should be a welcome addition to this upscale seaside community, which includes the towns of Rumson, Little Silver, and Tinton Falls, according to NRDC’s leader.

“The support and feedback from the community to bring ShopRite to this project has been tremendous,” said company president John G. Orrico. “I’m certain that Richard Saker and his team at Saker ShopRite will deliver an extraordinary grocery experience to the community.”

ShopRite, a major grocery player in New Jersey, consists of independent owners who source their products from the Wakefern Cooperative. Saker operates 32 ShopRites in the state.

Retail space remains available in the 221,000-sq.-ft. Shrewsbury Plaza, according to Orrico.

 

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REAL ESTATE

Westfield’s ex-leasing chief joins Avison Young

BY Al Urbanski

Roger Burghdorf, who in 18 years with Westfield was instrumental in establishing the Australian retail developer as a power in the U.S., has joined Avison Young as its national retail strategist.

Based at the real estate services firm’s Los Angeles office, Burghdorf will be focused on creating and driving value for retailers, center owners, and investors, according to Avison Young.

“We are thrilled to have Roger on board,” said Stephanie Skrbin, who heads the company’s Retail Affinity Group. “His experience, relationships, and reputation are unmatched in this highly specialized area of retail. Roger has a track record for driving tremendous value for his clients.

Westfield had just five centers in its U.S. portfolio when Burghdorf joined its leasing department in 1988. When he left in 2006, Westfield was operating 73 regional malls in the states. During 35 years in retail real estate, Burghdorf also worked for May Centers/Centermark and Homart Development, the Sears subsidiary which was one of the most prolific builders of centers from the Sixties through the Nineties.

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Developer: Albertsons-Rite Aid deal is good for future of retail

BY Al Urbanski

Kimco Realty Corp., which holds an ownership stake in Albertsons, is of the opinion that the grocer’s merger with Rite Aid is a positive one for brick-and-mortar retail.

Albertson’s agreement to acquire all outstanding shares of the pharmacy chain “will result in a stronger, more diversified company that combines health, wellness, and convenience to deliver an enhanced customer experience, demonstrating what we believe is the future of retail,” said Kimco CEO Conor Flynn in a statement reacting to the deal.

Kimco, which owns interests in nearly 500 U.S. shopping centers, was part of a Cerberus-led investment group that 661 non-core Albertsons stores from Albertsons in 2006. Kimco maintains a 9.74% ownership interest in the existing Albertsons.

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