Grocery-Anchored Shopping Center Redevelopment
Experts at turning around underutilized shopping centers, few companies understand the economics, logistics, and market potential of retail redevelopment better than Broad Reach Retail Partners. With a strong focus on necessity-based retail, we are particularly interested in redevelopment opportunities that afford the addition of a strong retail anchor.
Broad Reach’s Focus on Creating Value Within the Shopping Center Industry
Broad Reach Retail Partners is a retail center redevelopment company dedicated to our clients’ success. We acquire grocery-anchored shopping centers and turn them around in hopes of increasing value for our partners, people, and properties. Our focus lies exclusively on creating value in the retail real estate industry by buying and fixing broken or underutilized grocery-anchored, necessity-based shopping centers.
Our team leverages local market relationships and knowledge to uncover opportunities. We research, analyze and map the best locations and conduct thorough due diligence, including financial modeling and site planning before acquiring and redeveloping a shopping center. By cultivating a well-executed development plan and effectively managing risk throughout the life cycle of a development project, we can turn initial ideas into runaway successes.
The following three keys guide our redevelopment of grocery-anchored shopping centers:
- Grocery-anchored retail: The Broad Reach Retail team buys, leases, and manages grocery-anchored retail shopping centers selling general merchandise or convenience-oriented offerings.
- Strong grocer sales: We emphasize established markets anchored by the dominant grocer.
- Value-add: We look for opportunities to fill retail voids that will allow us to use our time-tested game plan to transform vacancies into leases.
Why Redevelop a Grocery-Anchored Shopping Center?
By redeveloping an underutilized grocery-anchored shopping center, people, properties and partners gain value. Relative to other forms of retail, grocery sales are remarkably stable, and grocery-anchored retail has proven to be a strong performer during recessions.
Grocery-anchored, necessity-based retail represents an attractive investment due to the following:
- Grocers draw shoppers to the centers several times a week.
- Well-occupied centers generate consistent cash flow throughout market cycles.
- Grocers generate constant cross-traffic for other tenants.
- Grocery-anchored shopping centers can be operated to maximize the potential lift from technology changes while minimizing negative impacts.
Learn More About Retail Center Redevelopment With Broad Reach Retail
Broad Reach Retail Partners employs innovative strategies to fill retail voids in otherwise bustling retail areas. By focusing on necessity-oriented retail, being a disciplined buyer in the market, and using focused leasing and management, our team is able to effectively redevelop grocery-anchored shopping centers.
You can trust us to bring an owners’ perspective to all that we do, from acquisitions to leasing to property management.
If you’d like the help of a retail center redeveloper in restructuring a shopping center, reach out to the experts at Broad Reach Retail Partners today.
Contact Our Redevelopment 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.