NEW YORK CITY—Trader Joe's has selected City Point as its first Downtown Brooklyn outpost and signed a lease. The popular grocer has agreed to take 13,700 square feet and will serve as the grocery anchor tenant at Brooklyn's the largest mixed-use complex. The entire development will feature 1.9 million square feet when it opens in 2017.
Roy Roberts of Milestone Associates and David Rosenberg of RKF represented Trader Joe's, while Peter Ripka and Jason Pennington of Ripco Real Estate Corp. brokered on behalf of City Point.
“Trader Joe's has stayed true to its roots by leveraging a sustainability-driven and honest approach to how people shop for high-quality food,” says Chris Conlon, EVP and COO of Acadia Realty Trust, a co-developer of the City Point complex with Washington Square Partners. “We're confident that the grocer will become a staple of Downtown Brooklyn and its surrounding neighborhoods, serving the community for years to come.”
Slated to open its doors to the public in 2016, Trader Joe's will be located on City Point's concourse level, adjacent to DeKalb Market Hall, a 26,000-square-foot food complex offering between 35 to 55 food purveyors. Once open, Trader Joe's, DeKalb Market Hall and the anticipated restaurants coming in reportedly will serve as Brooklyn's most comprehensive food destination.
Located between Fulton and Flatbush Avenues, City Point will be comprised of over 700,000 square feet of commercial space—including stores by Century 21 and CityTarget, a Target urban brand—in addition to almost 1,300 residential units. Downtown Brooklyn serves nearly 37 million shoppers, students and working professionals annually.
“As Downtown Brooklyn continues to grow into a destination for residents, visitors and the nine-to-five crowd, a well-respected tenant like Trader Joe's only further elevates City Point and the neighborhood,” adds Paul Travis, managing partner of Washington Square. “The development's central location, close proximity to a number of subway lines and access to a 700-car underground parking garage in nearby Willoughby Square Park, will allow Trader Joe's to thrive and reach a customer base that spans 11 neighborhoods. We're looking forward to a truly symbiotic relationship between City Point and Trader Joe's.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
