REAL ESTATE

What makes a great grocery-anchored center

BY Al Urbanski

At this year’s RECon retail real estate show in Las Vegas, Inland Real Estate president Joe Cosenza is celebrating having completed $47 billion in center acquisitions during his illustrious career. His favorite centers to buy are anchored by supermarkets, so we asked Joe to describe his dream necessity-based center. His list of key tenants:

 The best grocer in the region
 Dry cleaner
 Nail salon
 Starbucks
 Panera Bread
 Liquor store
 Bank branch
 Ice cream store

We were surprised Cosenza went with an ice cream shop and not another less seasonal food outlet, but he shot down a popular notion about the dip store.

“There’s one operator of ice cream stores in our centers who says he does better business in the winter than in the summer. They’re steady,” Cosenza said. “Meanwhile, a lot of the new food and beverage concepts coming into the market open up and then die away.”

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