Atlantic Realty Companies has leased a 17,430 square foot, two-level space in its newly renovated 150,000 SF Newark (DE) Shopping Center to Newark Natural Foods Co-operative, which provides locally sourced, healthy foods to more than 4,000 households. The co-op also operates a café in its space at 230 East Main Street and has launched a wildly popular Sunday farmer’s market.
Newark Natural Foods is the latest tenant in the recently renovated center, owned by a partnership of Tysons-based Atlantic Realty and New York-based Angelo, Gordon & Co. The center opened its doors in 1955 and is now the second oldest continuously operating retail center in Delaware. Just one of the original tenants from 1955 remains: Minster’s Jewelers.
Other recently signed leases include Churrascaria Saudades Brazilian Steakhouse, PNC Bank, Capriotti’s Sandwich Shop, and Sports Clips. The center is now 70 percent leased. CBRE represented the ownership in the lease transactions; for leasing information, call 610/834-8000.
After starting construction in the summer of 2014, ARC conducted a full-scale renovation of the aging center to meet the needs of residents flocking to Newark’s vibrant Main Street corridor and the University of Delaware campus, just a few blocks away. 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. Bainbridge Delaware, with 220 Class A full-service apartments, is under construction and will start leasing 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.
“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.”
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. The firm seeks to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. 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.