Broad Reach Retail Partners, a privately held, fully integrated owner and operator of shopping centers, has reached the midway point of 2025 with strong momentum.
ANNAPOLIS, Md., June 13, 2025 /PRNewswire-PRWeb/ -- Broad Reach Retail Partners, a privately held, fully integrated owner and operator of shopping centers, has reached the midway point of 2025 with strong momentum. The company has made significant progress across leasing, development, acquisitions, and team expansion, further solidifying its presence in the retail real estate sector.
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Executive Leadership and Talent Expansion
Broad Reach Retail Partners has recently bolstered its leadership team with the hiring of a Chief Financial Officer to support strategic initiatives. This role will enhance the company's operational capabilities as it continues its nationwide growth trajectory.
"Our finance team is now better positioned than ever to support strategic acquisitions, development growth, and disciplined operations across the portfolio," said Mike Castellitto, Chief Operating Officer at Broad Reach Retail Partners.
In addition, Broad Reach has an opening on the finance leadership team for the position of Controller.
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Robust Presence at ICSC Las Vegas
Broad Reach Retail Partners recently exhibited at ICSC Las Vegas, held May 19–21, where the team connected with hundreds of clients and industry professionals. These interactions highlight the company's commitment to cultivating meaningful relationships and identifying new avenues for collaboration.
"The energy and engagement we experienced at ICSC was truly invigorating. From reconnecting with long-time clients to meeting new prospects, the conversations we had underscored just how active and dynamic the retail leasing landscape remains. There's a clear appetite for well-positioned, value-add retail centers, and it's encouraging to see our efforts resonating so strongly with industry partners. We came away from the event with not only new leads but renewed excitement about what lies ahead," said Gary Block, Vice President of Leasing.
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Development Projects: Hartford Terrace
Leasing efforts continue at Hartford Terrace, a new development from the Broad Reach team in Davenport, Florida, listed by Alex Bisbee and Payton Foster of Insite Commercial Real Estate. The site features pads available for ground lease or build-to-suit and is well-positioned to serve QSR, full-service restaurants, medical providers, and retailers in one of the fastest-growing counties in the United States.
"Our ground-up development pipeline is robust, with several projects expected to break ground between 2025 and 2027. Carmel Village Commons on East Broad Street in Columbus, Ohio is a mixed use project that will feature retail, restaurants, office and multi-family. This project is on schedule, and leasing at the large brownfield redevelopment has been very successful to date," said Eric Penney, Director of Development. "There's some uncertainty in certain sectors of the markets, but retailer expansions are still continuing as planned. Plus, we have an experienced team of experts who have navigated unknown market conditions many times prior."
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Portfolio Leasing and Tenant Activity
Leasing remains active across the company's national portfolio. Notable recent transactions include:
- Moo Over Ice Creme and The Joint leasing spaces D09A and D09B, respectively, and Monogram Shoppe lease renewal and space relocation, all at Covington Plaza in Fort Wayne, Indiana
- Lee's Cleaners and Any Lab Test Now leasing spaces 1279 and 1281, respectively, at Eagle Village in Fredericksburg, Virginia
- Wing Stop leasing space 16 and PA Liquor Board lease renewal and expansion, both at Green Ridge Plaza in Scranton, Pennsylvania
- Luminary Hospice leasing space 2120 at Heritage Square in Granger, Indiana
- Valle Grill & Cantina and Happy Smoke leasing spaces P1 and Q2, respectively, at Penn Crossing in Jeannette, Pennsylvania
- Royal Paws leasing space 45509 at Shelby Corners in Utica, Michigan
- People Ready leasing space 13 and GNC lease renewal at Sheridan Village in Peoria, Illinois
- Heartland Dental leasing space 7562 at South Grove in Knoxville, Tennessee
- TJ Maxx leasing space 1384 at Wilmington Plaza in Wilmington, Ohio
- US Sushi Ramen leasing space 20 at Woodland Heights in Streamwood, Illinois
The company continues to offer premium leasing opportunities across their portfolio, current availabilities including:
Avent Ferry in Raleigh, North Carolina: anchored by a Food Lion with little competition in a densely populated area catering to nearly half a million people within the highly coveted Beltline of Raleigh.
- 1 Space Available: 920± square feet
Baker Square in Omaha, Nebraska: anchored by an Aldi within a high-visibility location with multiple access points within the primary retail corridor.
- 4 Spaces Available: 882± square feet | 1,920± square feet | 2,300± square feet | 10,000± square feet
Carlisle Commons in Carlisle, Pennsylvania: anchored by a Walmart Supercenter with excellent roadside visibility, just seconds from the highway.
- 2 Spaces Available: 3,738± square feet | 6,000± square feet
Covington Plaza in Fort Wayne, Indiana: anchored by a Fresh Market and top-ranked as the most visited neighborhood center in all of Fort Wayne.
- 4 Spaces Available: 1,068± square feet | 1,160± square feet | 2,800± square feet | 6,998± square feet
Eagle Village in Fredericksburg, Virginia: anchored by a Giant food store across from the University of Mary Washington and adjacent to Mary Washington Hospital.
- 4 Spaces Available: 1,500± square feet | 1,800± square feet | 4,850± square feet | 0.54 acres (outparcel)
Green Ridge Plaza in Scranton, Pennsylvania: anchored by a Giant food store less than two miles from downtown within an infill and dense community.
- 1 Space Available: 3,500± square feet
Henderson Pointe in Henderson, North Carolina: anchored by a Food Lion within the Dabney Drive retail corridor, the main commercial corridor in Henderson.
- 1 Space Available: 18,000± square feet
Heritage Square in Granger, Indiana: anchored by a Martin's and located between the fastest growing and highest income residential area, including proximity to Notre Dame University and three other colleges.
- 6 Spaces Available: 1,000± square feet | 1,470± square feet | 1,900± square feet | 1,991± square feet | 2,063± square feet | 4,673± square feet
Hunt River Commons in North Kingstown, Rhode Island: anchored by a Stop & Shop with a signalized entrance on Frenchtown Road and direct, easy access to three major roads: RI 4, Route 403, and Route 1.
- 3 Spaces Available: 3,633± square feet | 4,548± square feet | 0.25 acres (outparcel)
Penn Crossing in Jeannette, Pennsylvania: anchored by a Giant Eagle with limited competition within a three-mile radius due to the city's topography.
- 5 Spaces Available: 800± square feet | 1,029± square feet | 1,400± square feet | 1,629± square feet | 5,371± square feet
Shelby Corners in Utica, Michigan: anchored by a Target and centrally located amongst all major retail traffic with proximity to local community colleges, universities, and major medical centers.
- 3 Spaces Available: 1,392± square feet | 2,000± square feet | 4,363± square feet
Sheridan Village in Peoria, Illinois: anchored by a HyVee with a new parking surface completed in 2024 and a façade renovation in 2020.
- 6 Spaces Available: 1,200± square feet | 1,353± square feet | 1,875± square feet | 5,697± square feet | 6,600± square feet | 0.5 acres (outlot)
South Grove in Knoxville, Tennessee: anchored by a Food City in a high-volume center with three signalized entrances.
- 2 Spaces Available: 1,600± square feet | 2,000± square feet
Warsaw Village in Warsaw, Virginia: anchored by a Food Lion just a mile from the 117-acre campus of Rappahannock Community College.
- 2 Spaces Available: 2,800± square feet | 0.97 acres (pad)
Wilmington Plaza in Wilmington, Ohio: anchored by a Kroger in the heart of the commercial corridor with excellent visibility on Route 22.
- 5 Spaces Available: 600± square feet | 3,000± square feet | 4,800± square feet | 21,992± square feet | 33,500± square feet
Woodland Heights in Streamwood, Illinois: anchored by a Jewel Osco on a prime thoroughfare for commuter traffic.
- 4 Spaces Available: 1,010± square feet | 1,200± square feet | 2,750± square feet | 4,850± square feet
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Acquisitions and Dispositions
In today's dynamic market, Broad Reach Retail Partners is actively pursuing new acquisition opportunities to expand their portfolio, including single-asset and portfolio transactions. The company has expressed heightened interest in acquiring a full portfolio of properties from other owners. Property acquisition criteria include:
- Type: Neighborhood, community, and power centers
- Profile: Grocery-anchored, value-add (10%+ vacancy, pad development, below market rents, etc.)
- Cap Rate: 6.5%+
- Location: Nationwide
- Transaction Size: $5M–$100M+
The Broad Reach Retail Partners team has a strong track record of closing on tough acquisitions. To date, the company has closed 95% of the deals they've entered due to their strong lending relationships. As experts in grocery-anchored value-add properties, they have a thorough and upfront underwriting process.
On the company's disposition front, Covington Plaza in Fort Wayne, Indiana, is currently listed for sale and accepting offers.
Looking Ahead
Broad Reach Retail Partners remains focused on strategic growth, operational excellence, and fostering long-term relationships within the retail real estate industry.
For more information about current opportunities or to connect with the Broad Reach Retail Partners team, visit www.broadreachretail.com.
About Broad Reach Retail Partners
Broad Reach Retail Partners is a full-service real estate investment and management firm specializing in repositioning and enhancing neighborhood shopping centers. Founded in 2006, Broad Reach Retail Partners, LLC is a privately held, fully integrated owner and operator of shopping centers. Since its inception, Broad Reach has owned, leased, or managed 66 centers, representing over 5 million square feet. The company's mission is to create value for its partners, properties, and people by maximizing the full potential of underutilized shopping centers through focused leasing, disciplined buying, and meticulous management. With a proven track record of transforming underperforming assets into thriving retail destinations, Broad Reach is committed to delivering value to investors, tenants, and communities alike. For more information, visit BroadReachRetail.com.
Media Contact
Emily Roberts, Broad Reach Retail Partners, 1 4432254808 1013, [email protected], www.broadreachretail.com
SOURCE Broad Reach Retail Partners
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