B — June 14 - 27, 2013 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Development of 11-acre site at the northeast corner of Springfield Ave. & Jones St. Tucker Development announces 67,000 s/f anchor lease with Wakefern Food Corp.
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ewark , NJ — Tucker Develop- ment Corporation
full and part-time jobs. “Today’s announcement is wonderful news for our city,” Newark Mayor Cory Booker said. “Newark residents de- serve convenient access to fresh and healthy food options, and there is no better place for a large grocery store than Springfield Avenue. Located in the heart of the city, this new ShopRite will strengthen our local economy by retaining more of our citizens’ buying power in Newark, in addi- tion to providing hundreds of new job opportunities for residents.” The development of an un- derutilized 11-acre site at the northeast corner of Springfield Avenue and Jones Street, Springfield Avenue Market- place will add to the vibrancy of the Central Ward retail hub. The development is part of Newark’s Urban Enterprise Zone, where customers are en- titled to a 50 percent reduction of sales tax on most purchases along with the full exemption of taxes on grocery and cloth- ing purchases in New Jersey. “Today’s announcement clearly demonstrates the strong demand for new re- tail options in Newark,” said Richard Tucker , president and CEO of Tucker Develop- ment Corporation. “ShopRite and other retailers at Spring- field Avenue Marketplace will help recapture a large portion of the $575 million in retail sales that Newark loses every year, as residents have been forced to make 38 percent of their purchases outside the city. It will also provide a necessary resource to neigh- borhood residents, create em- ployment opportunities, and help to increase the City’s tax revenue base. Further, new quality apartments will serve the growing demand in New- ark, and specifically around University Heights.” Springfield Avenue Market- place is one of best-positioned retail sites in Newark — New Jersey’s largest city. The site is within close proximity to six of the city’s major colleges and is just one block from the University of Medicine and Dentistry of New Jersey, the nation’s largest health sci- ences university. Additionally, the development will be ac- cessible by multiple modes of transportation, including two bus stops at the site. n
anchor tenant, ShopRite will service the shopping needs of approximately 280,000 New- ark residents, 180,000 mem- bers of the city’s workforce and 60,000 college students and faculty. In addition to retail, Spring- field Avenue Marketplace will feature approximately 150 residential apartments and is poised to play a key role in Newark’s continued renais- sance, as well as serve as a significant job creator. The development is expected to create approximately 240 con- struction jobs and almost 400
has signed a 67,000 s/f lease with the Wakefern Food Corp. retail cooperative, the mer- chandising and distribution arm for ShopRite stores, to open a new supermarket at Springfield Avenue Market- place in Newark, one of New Jersey’s most highly antici- pated urban, mixed-use de- velopments. Featuring 125,000 s/f of re- tail space, Springfield Avenue Marketplace is the city’s larg- est new retail development. As
Springfield Avenue Marketplace
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Meridian Capital Group, LLC WYV\KS`HK]PZLKVUÄUHUJPUNMVY[OL MVSSV^PUN[YHUZHJ[PVU! Misty Ridge 409-Unit Multifamily Property Woodbridge, VA $49,500,000 (JX\PZP[PVU-PUHUJPUN This transaction was negotiated by: Barry Lefkowitz, Managing Director
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