Development & Construction
Real Estate Property Construction and Development
Broad Reach manages all aspects of development, construction, build-out, and redevelopment of shopping centers. Our approach to construction stresses the importance of value engineering. Broad Reach seeks to maximize the potential of each dollar spent.
We deliver a wide range of real estate services to clients throughout Maryland and Texas, including property management, construction services, and real estate development. We create inviting, dynamic spaces that respond to the need for purpose, functionality, and inspiration in communities.
Broad Reach Retail Partners guides investors, landlords, and potential tenants through property acquisitions and dispositions in every phase of the real estate cycle. With far-reaching experience in commercial real estate development and construction, we create lasting value for our properties, people, and partners.
We can fix inefficiencies and broken shopping centers within the retail real estate industry through our focused real estate management, leasing, and disciplined buying strategy. The Broad Reach Brokerage team helps landlords and business owners maximize profitability while solving leasing needs. We do this by leveraging our combined experience of over 130 years in the industry and gainful nationwide relationships.
Our Construction Process
Broad Reach Retail Partners streamlines the design and construction of complex construction projects from initiation to completion, ensuring an on-budget, successful outcome for all involved. The beginning stages of commercial real estate development require a significant amount of analysis and research to determine if a proposed development is feasible. The Broad Reach management team understands a successful retail site must accommodate the consumer, satisfy lending conditions and regulatory requirements, fulfill tenant requirements, and meet market demand.
Led by a group of retail real estate veterans and an experienced management team, Broad Reach strives to change the course of retail shopping centers by adding value to all involved.
We analyze design, building features, systems, equipment, and material selections to ensure all essential functions are achieved with required performance, quality, reliability, and safety. Our team of experts actively manages the construction bidding process, selecting not necessarily the lowest bid, but the best group to get the job done right.
Our team of shopping center and commercial real estate developers oversee construction and signage plan submissions, ensuring tenants provide adequate insurance for their contractors and obtain proper permits for their work.
Let our team of experts manage the construction process for you, including:
- Design modifications — value engineering
- Entitlements
- All communication and coordination with third-party vendors (i.e. civil engineers, architects, surveyors, contractors, etc.)
- Coordination of any tenant relocation needs
- Construction bidding — value engineering
- Finance administration (loan draws and AIA contract administration)
- Reporting
- Delivery (understanding lease obligations) and turnover
Contact Our Development & Construction Team
We Create Value in Communities
At Broad Reach, we are experts at changing the course of retail shopping centers to add value for all involved. We strive to improve Properties to serve our Partners and the People who live in each community.
Contact us today if you want to learn more about our investment opportunities, are interested in purchasing a property, or have a property for sale.
Contact Our Development & Construction Team
Mike Castellitto
Partner & Chief Operating Officer
In his role as Partner and Chief Operating Officer, Mike oversees the daily operations of Broad Reach’s multiple business operations including business development activities such as property management, capital improvement, construction and development projects. In his 25+ years of commercial real estate experience, Mike has served as Director of Operations for several real estate operators including Philips Edison Company, Strategic Properties, and Himmelrich Associates.
Over the course of his career, Mike has been involved in various types of projects ranging from freestanding commercial sites, retail office, industrial, residential, historic, and mixed-use projects of upwards of $300 million. Mike has overseen the management of nearly 5 million square feet of office, retail, and industrial space and supervised and managed approximately 30 projects.
Mike holds a Bachelor of Science from the University of Maryland, College Park, and he is an active participant in ICSC, NAIOP, and BOMA. During his free time, Mike enjoys spending time with his family, boating, fishing and hunting.
Eric Penney
Director of Development & Redevelopment
Eric Penney joined Broad Reach Retail Partners as our Director of Development & Redevelopment in 2019. Eric is a seasoned real estate professional with over 20 years of experience in leasing, lease negotiation, site selection, development, redevelopment, acquisition and disposition of large owned retail portfolios throughout the USA. Eric has completed over 3 million square feet of various real estate transactions and executed over 800 deals while creating billions of dollars in value for his firms and clients.
Before joining Broad Reach Retail, Eric spent 6 years at Phillips Edison & Company as the Director of Redevelopment and 10 years at Brixmor as the Director of Redevelopment. Eric also leased real estate portfolios for various boutique landlords and helped to grow a lease auditing business. He earned his Bachelor of Science in Business from Sacred Heart University.
In Eric’s free time, he volunteers at Buckhead Church and as an assistant baseball coach for a local youth recreational league.
We Create Value in Communities
At Broad Reach, we are experts at changing the course of retail shopping centers to add value for all involved. We strive to improve Properties to serve our Partners and the People who live in each community.
Contact Us Today