NEW YORK-Score one—and a big one at that—for CBRE. The realty firm brought an atypically large ShopRite into Related Cos'. Gateway Center—a sprawling 630,000-square-foot shopping center in Brooklyn—for which leasing has been handled not by CBRE typically but by Ripco Real Estate. The deal was closed by John Hanlon, senior vice president in CBRE's Woodbury, NY office, who was previously with Ripco.
“I had a previous relationship with the retailer,” Hanlon tells GlobeSt.com in explaining how he negotiated the deal. A bigger parcel of land, spanning 180,000 square feet, initially was earmarked for Walmart, he explains. “However, Walmart became a political problem for Related [which owns the complex],” says Hanlon, “so we started talking about other possibilities for the space, and I suggested ShopRite.”
Hanlon deferred to Related president Glenn Goldstein on what will happen with the remaining 90,000 square feet of retail space that's up for grabs. Goldstein did not return a call seeking comment.
The store is much bigger than ShopRite's 68,000-square-foot prototype; it will be the company's largest supermarket in the tri-state area. The company will maximize its presence at the retail complex with several offerings beyond the typical fare for a grocery store. These include a full-service floral department, a pharmacy and a broad selection of ethnic foods. Natural and organic products will be available in every department and the store will offer a wide array of prepared foods, a selection of Japanese and Chinese specialties for dining in or taking out, a fresh-made sushi bar and a full-service catering team.
ShopRite is due to open in the fall of 2014 as part of Phase II of Gateway. Phase I, which has been open for a decade, provides several stores, including BJ's Wholesale, Home Depot, Bed, Bath & Beyond, Target, Best Buy, Old Navy, Olive Garden, Red Lobster, Boulder Creek Steakhouse.
It was not clear at press time what is being planned as part of phase two, or whether that has even been determined.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
