R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — October 21 - November 17, 2022 — 9A
www.marej.com
EWARK, DE — Neu- man Commercial Group, LLC an - N Gil Neuman with thier Maryland Broker of Record rep. the sellers, Atlantic Realty Cos. Neuman Commercial Group arranges $33.5M sale of Newark shopping center at University of DE
the center included completely renovating and expanding the cinema, providing direct connectivity to the Pomeroy Trail, and adding a walkable multifamily housing compo - nent to the site. In addition to working with the citizen lead - ers, Atlantic personnel had the opportunity to meet and work with Marilyn Minister, one of the original 1955 tenants of Newark Shopping Center, and US Senator Chris Coons who grew up in the area.” Gil Neuman, Principal of Neuman Commercial Group, stated: “While the university’s Covid shutdown paused our first marketing process, own - ership worked with tenants to assist them through the chal - lenging times. This resulted in fortifying what had already been a strong rent roll. There was strong interest in Newark Shopping Center and Atlantic worked closely with a top buyer who closed as promised, albeit
during a late-breaking interest rate surge.” Newark Shopping Center lies in the city’s urban core near the University of Maryland, one of the country’s oldest higher learning institutions, with an enrollment of 24,000 students. Access to new One Easton, a separate six-story housing complex, is reached directly through the property. Newark is located east of the Maryland state line between Philadelphia and Baltimore serviced by highways I95/Maryland Tpke., I-295 and I-495. With no state sales tax, low property tax and surrounded by 12,000 acres of public parks and outdoor recreation areas, Kiplinger ranked Newark in 2019 in its Top 16 Great Small Towns for Early Retirement. New Castle County has the state’s largest population, and is home to ma - jor companies DuPont, Astra - Zeneca, Zenith Products, Tire Rack, and Speakman. MAREJ
nounced the sale of 145,400 s/f Newark Shopping Center, the primary entertainment, food, service, and retail community center servicing Newark and the University of Maryland. The sale price was $33.5 mil - lion. Built in 1955 and reno - vated in 2017, the center at 230 E. Main Street is 93% oc - cupied by thirty-one national and regional tenants. They include Newark Natural Foods grocer since the 1960’s, state- of-the-art Main Street Mov - ies 5, PNC Bank, Wing Stop, Capriotti’s, Dollar Tree, Orange Theory Gym, Goodwill, Frese - nius Medical, Enterprise Rent- aCar, T-Mobile, Rita’s, Tropi - cal Smoothie, and new Chase Bank. Newark lies within the Philadelphia Metropolitan Statistical Area. Gil Neuman of Neuman Commercial Group with its Maryland Broker of JEANETTE, PA — Broad Reach Retail Partners LLC , owner and operator of retail shopping centers, com - pleted its third acquisition of 2022 with Penn Crossing Shopping Center in Jeanette. This is also the second acqui - sition to take place in Penn - sylvania in 2022, as Broad Reach Retail continues to expand in the Mid-Atlantic region. Penn Crossing Shopping Center is a 107,339 s/f cen - ter anchored by a dominant Giant Eagle, which is the only grocery store within a 3-mile radius. Located just 25 miles east of downtown Pitts - burgh, Penn Crossing serves a community of approximately 70,000 people within a 5-mile radius. The strong tenant mix is comprised of essential necessity-based retailers, which adds value to the sur - rounding area the center serves. “Penn Crossing is an excel - lent shopping center that ex - emplifies our focus of acquir - ing grocery-anchored invest -
230 E. Main Street
He added: “As the second oldest shopping center in the State of Maryland, Newark Shopping Center already had an incred - ible history with strong fun - damentals. The last improve - ments to the center were over 50 years ago and we worked with the tenants and the com - munity to update the center to meet the needs of today. A few of the major improvements to
Record represented the sellers, Atlantic Realty Companies , in their fifth sales transaction together, and procured the pri - vate buyer. “Atlantic Realty specializes in working with residents, citi - zen leaders and local govern - ment to improve neighborhood and community centers” said Adam Schulman , principal at Atlantic Realty Companies.
Broad Reach Retail Partners acquires value-add center
Penn Crossing Shopping Center
available. Our team has iden - tified a few retail voids for this market, specifically within health and wellness space, restaurants, and auto sup - port. Our team believes this will add immense value to the community. MARE
ments with true value-add potential. As owners, we value the tremendous topographical challenges to developing new retail in the area, thereby providing high barriers to entry for new competition. As the only major shopping
center in the submarket, Penn Crossing has a near monopoly on an affluent customer base. In fact, average household incomes surpass $107,000 within three miles of the property. We are proud to be the new
owners of Penn Crossing and look forward to creating value for our Partners, Properties and the People our shop - ping centers serve.” – Nate McKay , acquisitions officer. Penn Crossing is currently 87% leased, with 10,856 s/f
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