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.
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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.
