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Commercial Real Estate News Retailing And Restaurants

Newark Shopping Center 70 percent leased

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Newark, Del. — Atlantic Realty Companies (ARC) is nearing completion of renovations to the 150,000- square-foot Newark Shopping Center.  The company announced that the center is 70 percent leased, including the arrival of Newark Natural Foods, which moved into a 17,430-square-foot two-level space in April.

The center is owned by Atlantic Realty and New York-based Angelo, Gordon & Co. The $10 million renovation includes new building facades, roofs, updated signage and landscaping, and improvements to the parking lots.

A new walkway allows pedestrian access through the inline shops to the residential building and an adjacent trail.

Other recently signed leases include Churrascaria Saudades Brazilian Steakhouse, PNC Bank, Capriotti’s Sandwich Shop, and Sports Clips.

As part of the renovation, ARC rezoned a portion of the site for residential use, and sold it to Bethesda, Md.-based multifamily developer The Bainbridge Companies. The company will build Bainbridge Delaware a community with 220 full-service apartments. Leasing begins in early 2016.

The $10 million renovation also included all-new building facades, roofs, updated signage and landscaping, and improvements to the parking lots. A new walkway allows pedestrian access through the inline shops to the residential building and an adjacent trail.

Newark Natural Foods, which provides locally sourced, healthy foods to more than 4,000 households opend in April. The co-op also operates a café in its space at 230 East Main Street and has launched a Sunday farmer’s market.

 “We are proud to bring our expertise in the redevelopment and development of popular shopping centers, such as Plaza America in Reston, Virginia to new markets including Newark, Delaware and downtown Baltimore,” said Atlantic Realty President David Ross. “We look forward to the Newark Shopping Center anchoring Newark’s evolving Main Street corridor.”

Newark Shopping Center opened in 1955 and is now the second oldest continuously operating retail center in Delaware, including original tenant Minster’s Jewelers.

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