“It's a great collection of tenants that satisfies the needs of the Asian market,” Dunne says. “If you look at the rent roll, you've got H Mart leading the charge, you have Asian banks, Asian restaurants, an Asian spa, so it clearly caters to that.”

Areas like Englewood Cliffs in Bergen County, Edison in Middlesex County, and others with large Asian populations would support successful redevelopment of retail centers catering to Asian populations, Dunne says.

“It's hard to find a parking space on a Saturday morning,” he says of Festival Plaza. “You have a center that's satisfying a segment of the market that your typical grocers don't. If you're Asian and trying to find the products you want you have to go to a lot of different places. Now it's more convenient with H Mart and the other tenants that make up the mix.”

With the shuttering of more-traditional grocery chains like Waldbaum's and A&P, Dunne says, “I think there is space in the category for more specialization, and that's where you have the Trader Joe's and Whole Foods, that didn't exist 20 years ago, in a big way. You've got to look for specialization. H Mart is a good example of that. I would say look beyond the typical Shop-Rites and Stop-and-Shops and Acmes, which are the other alternatives.”