Bruce Schanzer, CEO of Cedar Realty Trust, Inc. (NYSE: CDR), joined REIT.com for a CEO Spotlight video interview at NAREIT's 2017 Washington Leadership Forum at The Hay-Adams.
Cedar Realty has focused on selling assets in lower-density markets between Washington, D.C., and Boston and re-investing in shopping centers in the corridor’s highest-density submarkets, Schanzer explained.
The process is ongoing, but Cedar Realty has made “huge strides” already, Schanzer said. He noted that the assets acquired by Cedar Realty have redevelopment potential.
While the corridor from Washington, D.C., to Boston is a competitive market, Cedar Realty has been developed a strategic advantage from its intricate local knowledge, Schanzer said. Almost everything the company acquires is off-market, he noted.
Schanzer also said the company has been addressing investor concerns about the impact of e-commerce on retail real estate by creating a more defensive portfolio that includes mixed-use assets.
“The idea of going beyond retail and having other real estate uses in our assets is going to make sense as we look forward into a relatively choppy retailing environment,” Schanzer said.