News:
Brokerage
Posted: January 24, 2017
Heidenberg Properties granted final site plan approval for Lake Plaza renovation and expansion
Carmel, NJ Heidenberg Properties Group has been granted final site plan approval by the planning board of the town for the renovation and expansion of the Lake Plaza Shopping Center.
Central to the redevelopment is the construction of a new 54,000 s/f Stop & Shop. In order to deliver the latest prototype for the Stop & Shop Supermarket Co., Heidenberg will demolish the existing 24,000 s/f Key Food supermarket and the 7,800 s/f CVS Pharmacy. The new building footprint will be over 20,000 s/f larger than the two existing stores and expand Lake Plaza Shopping Center from 141,000 to nearly 165,000 s/f. In addition to the new supermarket, Heidenberg Properties will renovate the façade, repave the parking area and upgrade the site lighting.
When completed, the shopping center will not only have a new anchor, but a more modern look with better traffic flow. As a result, Heidenberg Properties anticipates adding a variety of new inline tenants.
According to vice president of operations Jason Lazar, “The redevelopment of a shopping center around a strong anchor and the creation of a compelling tenant mix is core to creating value for our stakeholders. This was a complicated process involving multiple municipal agencies. Receiving final site plan approval is a testament to the hard work and dedication of our team. We are excited to deliver the new prototype for Stop & Shop and create a great shopping destination for consumers.”
Stop & Shop currently operates 419 stores throughout New York, New Jersey, Massachusetts, Connecticut, and Rhode Island. It is one of 22 brands and 6,500 grocery and specialty stores operated by Ahold Delhaize.
Heidenberg Properties anticipates starting construction in the spring with new and expanded tenants opening shortly thereafter.
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net-leased properties, and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced