CBRE Closes On Massive ShopRite

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.”