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How New Jersey Retail Gains After Losing A&P

tyler-bennet-258x3005The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock—they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legendary brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic shift was bound to occur in those real estate markets.

In Northern and Central New Jersey, the resulting repositioning of A&P’s highly-coveted retail properties is proving to be an unexpected positive for a variety of reasons. For one, A&P occupied space in many of their shopping centers for decades, meaning they were paying less than market rent. Landlords are now able to negotiate new deals at higher rents, resulting in an important market correction. This is also an opportunity to reassess the makeup of centers and figure out not only what categories are missing but also what use groups will best drive traffic and stabilize the centers.

Owners are able to repurpose the anchor spaces to accommodate smaller uses. For example, on Route 35 in Middletown, the former Pathmark has been subdivided into a TJ Maxx and a Bed, Bath & Beyond. Or a space can be reconfigured for a first-time grocer coming to the market, such as on Route 1 in Edison where a former Pathmark is being replaced by local grocer Tawa. The loss of general-purpose grocery tenants has changed customers’ shopping patterns, and while the loss does sometimes result in lesser sales for other tenants within the centers, some retailers may find the likes of a Bed, Bath & Beyond to be a more complementary neighbor.

Not all of these supermarket sites are being redeveloped. Many of the former A&P-owned locations have been absorbed by existing brands like Acme, which took 35 sites from Maryland to Connecticut, and Stop & Shop, which took 24 A&P locations, including three in Northern New Jersey. In these cases, the incoming tenants purchased the existing leases, meaning the landlords will still be collecting below-market rents. However, this is still a positive as these properties are not sitting vacant and hurting co-tenants.

It’s true that the A&P bankruptcy ate into a lot of the gains in the absorption rates in Central and Northern New Jersey—where 2015 vacancy rates were 8.8 percent and 7.8 percent, respectively—but the absorption has been very successful in part because people saw this coming. Brands were keeping an eye on these potentially vacant spaces and landlords had contingencies in place that limited the damage to their assets and to the market.

For tenants, the A&P liquidation is helping to eliminate much of the uncertainty that occurred after their first bankruptcy filing in 2010. Back then, a cloud hung over A&P-anchored centers as prospective tenants would hesitate to sign leases in a center where the anchor was not secure. Now there is some clarity and the speculation and doubt has subsided. Retailers see the benefit of stronger tenants coming into the centers and, even if it does raise rents throughout the center in the long term, they feel it’s worth it to pay more for the stability of a proven anchor.

Looking ahead, the biggest question is whether there is enough juice in the grocery market to sustain all of these players, new and old. Only time will tell. What can be said with certainty is that at the end of the day, the A&P bankruptcy was something that had to happen for the good of the market, and the future of the retail leasing markets seems brighter as a result.

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Northeast Real Estate Business_April 2016_How New Jersey Retail Gains After Losing A&P

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.

New York Real Estate Journal

Winick Realty Group promotes Weber

bob-weber-258x3008According to Winick Realty Group, Robert Weber has been named senior director of the company’s New Jersey office. Weber has been a broker with Winick Realty Group since 2008, representing both landlords and tenants in successful lease transactions throughout New York, New Jersey and the East Coast. In his new role, Weber will leverage his extensive knowledge of the New Jersey markets to drive business development and expand ongoing relationships.

“Robert Weber has demonstrated an incredible track record for success, serving both tenants and landlords alike with knowledge and integrity. His years of experience and business acumen will be a great fit in the New Jersey office and I am happy to welcome him to our branch,” said Tyler Bennett, founder, senior vice president and broker of record for Winick Realty Group NJ.

Weber came to Winick Realty Group after a 27-year career at JP Morgan Chase. As Market Director of Real Estate, he was in charge of overseeing the real estate portfolio of all Chase branches in Manhattan and Northern New Jersey. He assisted in the integration of many of the bank’s subsidiaries, which throughout the years have included Manufacturers Hanover/Chemical Bank, Chemical Bank/Chase, JP Morgan/Chase, Bank One/Chase and Bank of New York/Chase.

For more, download the full article in PDF

NYRE Journal_010516_Winick Realty Group promotes Weber

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.

Citybizlist

Winick Realty Group Promotes Robert Weber to Senior Director of New Jersey Branch 

bob-weber-258x3008Winick Realty Group is pleased to announce that Robert Weber has been named Senior Director of the company’s New Jersey office. Weber has been a broker with Winick Realty Group since 2008, representing both landlords and tenants in successful lease transactions throughout New York, New Jersey and the East Coast. In his new role, Weber will leverage his extensive knowledge of the New Jersey markets to drive business development and expand ongoing relationships.

“Robert Weber has demonstrated an incredible track record for success, serving both tenants and landlords alike with knowledge and integrity. His years of experience and business acumen will be a great fit in the New Jersey office and I am happy to welcome him to our branch,” said Tyler Bennett, founder, senior vice president and broker of record for Winick Realty Group NJ.

Weber came to Winick Realty Group after a 27-year career at JP Morgan Chase. As Market Director of Real Estate, he was in charge of overseeing the real estate portfolio of all Chase branches in Manhattan and Northern New Jersey. He assisted in the integration of many of the bank’s subsidiaries, which throughout the years have included Manufacturers Hanover/Chemical Bank, Chemical Bank/Chase, JP Morgan/Chase, Bank One/Chase and Bank of New York/Chase.

For more, download the full article in PDF

citybiz-111615-Winick Realty Group Promotes Robert Weber to Senior Director of New Jersey Branch

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.

 

Real Estate Bisnow

This Week’s NY Deal Sheet

thomas-defazio-print-ver-profile-001Thomas DeFazio has joined Winick Realty Group’s NJ office. He’ll focus on landlord and tenant rep throughout the state. For 26 years, Thomas worked in equity sales, trading and operations for major financial institutions including Merrill Lynch, Bank of NY and Cantor Fitzgerald.

For more, download the full article in PDF

real estate bisnow 09-29-15

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.

Citybizlist

Winick Realty Group Adds Thomas DeFazio to New Jersey Office 

thomas-defazio-print-ver-profile-001Winick Realty Group proudly announced that Thomas DeFazio is the latest broker to join the company’s growing New Jersey branch, located in Cranford, NJ. DeFazio, who will focus on both landlord and tenant representation throughout the state, comes to Winick Realty Group after more than two decades of success in the fields of finance and residential real estate.

“Throughout his past experience, Tom has proven his ability to service clients in multiple channels of business. We are delighted to have him join the Winick Realty Group NJ team,” said Tyler Bennett, Senior Vice President and Co-Founder of Winick Realty Group NJ.

For 26 years, DeFazio developed strong relationship and client management skills working in equity sales, trading and operations for major financial institutions such as Merrill Lynch, Bank of NY and Cantor Fitzgerald. He also played a major role in the business development of various alternative trading platforms, including G-Trade/ADR Direct owned by Bank of NY and AQUA owned by Cantor Fitzgerald. In 2013, he began a two-year stint at Chris Smith Realty, a residential real estate firm in Spring Lake, NJ where he successfully closed or placed under contract 20 sales and qualified for NJAR Circle of Excellence.

For more, download the full article in PDF

citybiz-092415-Winick Realty Group Adds Thomas DeFazio to New Jersey Office

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.

 

Mid-AtlanticWEB455

Winick Realty Group’s Gary Krauss signs Jersey Mike’s leases in five new markets

Gary Krauss - Phil Nisbet-edtdWinick Realty Group announced that Gary Krauss, the broker for Jersey Mike’s in New Jersey, has negotiated five new leases on behalf of the popular sandwich chain. In each of the lease transactions, Jersey Mike’s will be entering the market for the first time.The restaurant leased 1,800 s/f at 1350 Galloping Hill Rd., part of the Galloping Hill Shopping Center in Union. The center faces a six-way intersection, sits a half-mile from the Garden State Parkway and abuts Merck & Company’s headquarters, all factors that bring a large daytime population to the market. This is the second location for Jersey Mike’s operator Phil Nisbet, who also runs the brand’s Warren, NJ location. Landlord Alshak Realty was represented by Marcia Minton of Levin Management.Jersey Mike’s entered the West Caldwell Market with a 1,427 s/f lease at 757 Bloomfield Ave., where Jersey Mike’s is replacing a Just Salad location. This is the ninth location for Jersey Mike’s operators Matt Catania and John Helm. Landlord MSM Center Associates was represented by Glenn Evans of Team Resources, Inc.In Hillsborough, Jersey Mike’s signed a lease to join a new development being added onto the Walgreens-anchored Shoppes at Raider Blvd. The 1,600 s/f storefront sits at the signalized intersection of Route 206 and Raider Blvd. This is the first location for Jersey Mike’s operators Jesse Allen and Amanda Taibe. Landlord Hillsborough Lawn & Garden Equipment, Inc. was represented in-house by Sean Leonard, principal.Replacing an existing Subway restaurant, Jersey Mike’s leased 1,300 s/f for a corporate store at 2100 Route 35 in Ocean Township. Less than three miles from New Jersey beaches, this location is at the busy signalized intersection of Route 35 and West Park Ave., where it will service residents of the affluent shore towns of Elberon, Deal and West Long Branch.  Jersey Mike’s joins a popular Starbucks location, as well as Supercuts, at the center. Rite Aid Pharmacy and BJ’s Wholesale Club are also located nearby. Landlord DAG Properties, LLC was represented by Sal Dellomo of Summit Realty Services.Finally, the restaurant chain leased 1,200 s/f for a corporate store at 1260 Springfield Ave., part of The Village Shopping Center in New Providence. This A&P-anchored shopping center is home to Smashburger, Starbucks and an authentic Chinese Dim Sum restaurant. The center also includes a Chipotle Mexican Grill whose lease was negotiated by Winick Realty Group NJ senior vice president and founding partner Daniel Spector. “This space was skirting the smaller side of Jersey Mike’s prototype, but since we knew Chipotle was going in, I recommended to Jersey Mike’s that they find a way to fit into space directly adjacent,” said Krauss, who also negotiated the lease for Pure Barre, a few doors down in the same center.  “Their architect did an amazing job.  It’s a home-run lineup:  Starbucks, Chipotle, and then Jersey Mike’s.  Sales have been excellent.”   Landlord Urstadt Biddle Properties was represented by CJ Huter of The Goldstein Group.

For more, download the full article in PDF

Mid-Atlantic Real Estate Journal_082615_Winick Realty Group’s Gary Krauss signs Jersey Mike’s leases in five new markets

Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services.  Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies.  Winick Realty Group is highly recognized as a forerunner in the retail real estate market.