Sixty years after first opening its doors as one of the East Coast’s most modern park-and-shop retail centers, the newly renovated Newark (DE) Shopping Center will host a grand re-opening festival on Saturday, September 12, 2015. Newark Mayor Polly Sierer will join other business and community leaders in an official ribbon-cutting ceremony, to be followed by an afternoon of entertainment, refreshments, give-aways, a raffle, and kids’ activities. The event, which is free and open to the public, will run from 11:00 am to 3:00 pm, rain or shine, at the center located at 230 East Main Street in downtown Newark.
Three years ago, Atlantic Realty Companies partnered with Angelo, Gordon & Co. to acquire, re-plan, and carry out a full-scale construction renovation of the center to serve the needs of customers flocking to Newark’s vibrant Main Street corridor and the nearby University of Delaware campus.
Now nearly complete, the $10 million renovation includes new building facades, roofs, updated signage, landscaping, pedestrian connections within the center, and improvements to the parking lots. A linear path now allows pedestrian access through the center of the shopping complex to a new apartment building that is scheduled to deliver next summer. This pathway also connects with the recently completed Pomeroy Trail.
Currently 75 percent leased, the center is now home to Newark Natural Foods, Goodwill, Dollar Tree, PNC Bank, Enterprise, Newark Discount Liquor, Empowered Yoga, Rita’s Italian Ice, Armed Forces, No. 1 Chinese, The Mediterranean Grill, Zahra International Market, and Mayflower Japanese Restaurant. As the center continues to grow, Atlantic has recently leased space to Churrascaria Saudades Brazilian Steakhouse, Capriotti’s Sandwich Shop, Sports Clips, Big Z Pizza, and other retailers. Welcoming these new shops and restaurants are two tenants of long standing: Hair by Anthony and the only remaining original tenant from 1955, Minster’s Jewelers.
“This renovation of the Newark Shopping Center is a welcome addition to our Great American Main Street Award-winning downtown, just as it was in 1955 when it first opened its doors,” said Mayor
Sierer. “Now more pedestrian- and cyclist-friendly than ever and featuring a strong connection to the Pomeroy Trail, the Newark Shopping Center is sure to have many more decades of leadership of our downtown retail marketplace.”
“This is a dream come true!” exclaimed Marilyn Minster, owner of Minster’s. “We have been here since the center’s heyday and watched it decline after the original owners passed away. When I first met David Ross and learned of Atlantic Realty’s plans to modernize this center, I was thrilled, and I did whatever I could to get us to where we are today.”
“The grand re-opening of Newark Shopping Center is a great day for Newark,” said Atlantic Realty President David Ross. “Along with our partners at Angelo Gordon, we are excited to commit our expertise and resources to the redevelopment of Delaware’s second oldest shopping center.”
Newark Shopping Center was developed originally by Pomeroy Realty, Inc. at a cost of $1 million – an eye-popping figure at the time. Fourteen of the center’s 16 acres were devoted to parking, accommodating Americans’ postwar love affair with the automobile. The original tenant roster included Acme Super Market, Newark Department Store, F.W. Woolworth, Sun-Ray Drug Store, Miles Shoes, Liedemann’s Bakery, and J. J. Minster and Son. At opening festivities, William H. Porter, Inc. donated a 1955 station wagon as a grand prize.
In keeping with the spirit of the 1955 event, Newark Shopping Center’s new ownership will sell raffle tickets for a two-year auto lease during the September 12 grand re-opening. Proceeds will benefit Friendship House’s Newark Empowerment Center.
Founded in 1992, Atlantic Realty Companies is a full-service real estate firm that owns, manages, and/or has developed an award-winning portfolio comprising four million square feet of office and retail space located in Virginia, Maryland, and Delaware. Atlantic Realty succeeds in a wide spectrum of real estate projects, applying in-house capabilities that integrate acquisition, development, land use, leasing, construction, and property management. For more information, visit www.arcrealty.com or call 703.760.9500.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages assets totaling approximately $27 billion. Over the past 20 years, Angelo, Gordon has acquired over $19 billion of real estate assets globally in over 400 transactions, representing over $8 billion of equity, in a series of opportunistic and core plus real estate funds.