NEWARK-In what developers are calling a breakthrough, Krauszer’s Food Stores has signed a long-term lease at the Madison building in the RockPlaza Lofts complex here. It will open its first Newark store this summer.
Fidelco Realty Group and Hanini Group say the deal will “fill a missing gap for convenience and food retail vital to any residential community.”
Krauszer’s signed a 15-year lease for 2,300 square feet at 216 Market St., making its entry into the Newark commercial retail real estate market. Krauszer is planning several more locations in Newark, according to Ketul Shah, owner of the Newark store.
“The signing of Krauszer’s represents both a practical and milestone success for the RockPlaza Lofts development,” said Marc E. Berson, chairman of Fidelco. “From a practical standpoint, Krauszer’s Food Stores provides residents with a walkable, convenient place in the neighborhood for their food and grocery needs. Symbolically, Krauszer’s adds to the diversity of retailers, bringing RockPlaza Lofts another step closer to delivering upon the ambitious goals the development set when it was conceived.”
“RockPlaza Lofts is a logical location for our flagship store,” said Shah, in a release. “The residents of RockPlaza Lofts, along with the local business community and visitors to the Prudential Center, provide a set of natural customers with a need for the goods and services Krauszer’s provides. This store offers a strong foundation as we build our presence with other locations throughout the city.”
Krauszer’s Food Stores offers convenience items such as toiletries and baby products, along with food staples, hot coffee and other basics. The Newark store will operate seven days a week, 6 a.m. to 10 p.m., with a goal of operating 24-7.
Christian Benedetto and Ed Flanagan of Hopkins Sampson & Brown Real Estate Advisory Services orchestrated the transaction.
Last month, Newark had gotten another grocery boost when Wakefern Food Corp. signed a lease for a new ShopRite store to anchor the Springfield Avenue Marketplace being developed by Tucker Properties. Construction on the 67,000-square-foot store is expected to begin late this year at a long-vacant site in Newark’s Urban Enterprise Zone
The Rock Plaza development, which is being completed in phases, will include eight properties with 34,000 square feet of retail space and 80 loft-style apartment units. The buildngs are set within a redevelopment area bounded by Market Street, Mulberry Street and Edison Place.
The first phase of thel project was completed in 2011, with the redevelopment of the Bowers Building at 191 Market Street into 3,500 square feet of ground-floor retail with eight market-rate apartments above. Rita’s Italian Ice opened in early May, occupying part of the retail space at the Bowers Building, which is currently fully leased.
The Newark Downtown District, a nonprofit organization affiliated with the City of Newark’s police department , is also a tenant at 191 Market Street.
The Columbian, located at 224-226 Market Street, opened late last year. The Columbian is home to Dinosaur Bar-B-Que on the ground floor and 22 loft apartment units on the upper floors.
Other retail tenants of the development include FASTSIGNS®, a printer for high-impact signage and graphics. Other properties within RockPlaza Lofts include 212 Market Street and 210 Market Street.