NEWARK, DE—As Atlantic Realty Cos. begins its $10 million renovation of the Newark Shopping Center, it has secured a new tenant: the Newark Natural Foods Co-op, which has signed a lease for 17,610 square feet. The Vienna, VA-based Altantic Realty manages the center, which is owned by ARC and Angelo, Gordon & Co.
Newark Natural Foods Co-op is doubling its current size with the new lease.
The revamped center will have a more pedestrian friendly design and will also include a residential component. The plans call for the current bowling alley at the center to be replaced with a 230-unit upscale apartment building and parking garage. A pedestrian walkway will cut through the retail pavilion to connect the apartment building to the nearby Pomeroy Trail.
“With the improvements we are making, not only cosmetically but also structurally, we hope that the center will come full circle, back into the lively community space that it used to be," says David Ross, president of Atlantic Realty.
Newark Shopping Center is the second oldest retail center in Delaware, built in 1955.
Jim Creed of CBRE and Atlantic Realty Associates jointly represented Newark Natural Foods Co-op.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
