Patterson-Woods announces Main Street Newark sale, lease deals

Newark Downtown Partnership image
Newark Downtown Partnership image

Patterson-Woods Commercial Properties/CORFAC International , Wilmington, has secured several sale and lease transactions in Newark, Delaware’s Main Street area.

Main Street is a drawing card for the 21,000-student University of Delaware campus as well as a growing number of  families and even tourists  drawn to the college town.

The food industry is the common factor in these deals. Costar demographics in the Main Street area show that food and alcohol consumer spending totals are upwards of $25 million per year in a one-mile radius, and close to $160 million per year in a three-mile radius.

Recent Main Street Transactions Completed by Patterson-Woods include:

In a deal facilitated by Rich Dudek, who represented the landlord,  Bachu Patel, Insomnia Cookies leased 1,200-plus square feet  at 74 E Main Street. The tenant is a Pennsylvania based, round-the-clock dessert company.

Dudek also took part in a 4,100 square foot transaction at 76 E Main Street, representing both the tenant, Hakuna Hospitality Group, and the landlord, Fratelli Enterprises, Inc. The tenant, doing business as Del Pez Sea Mex, brings a seafood flare to Main Street as it focuses on coastal-inspired Mexican cuisine.

Patterson-Woods’ Joe Latina represented the tenant, Main Street Burritos LLC, in the ten-year lease of 2,100 square feet  at 127 E Main Street. The company, doing business as as El Diablo Burritos, is Wilmington based and currently operates at locations in Wilmington’s Trolley Square and north Wilmington’s Branmar Plaza. The decision to expand in the appropriately related market stems from the company’s current success and the growing popularity of Mexican fast-casual restaurants, Patterson-Woods stated.

A block away at 115 East Main Street, Latina represented both the buyer and the seller in the $1.35 million sale of a 3,4000 square foot commercial condominium unit. The buyer, Mainline Enterprises, LLC purchased the property from LGLB, Inc. in a sale-leaseback investment opportunity, which settled in May 2014. The condo unit houses a restaurant currently doing business as 16 Mile Taphouse. The restaurant is a partner to Georgetown’s 16 Mile Brewing Company and boasts an impressive ensemble of craft beers and award-winning wines.

Most recently, Latina represented tenant, Colorful Yun Nan, Inc., in the ten-year lease of a 2,911 +/- SF space at 59 East Main Street. The space will be used as an Asian style restaurant.

Patterson-Woods currently lists several other properties on and around Main Street – including retail, industrial, and office space at Market East Plaza, offices at 77 & 273 E Main Street, and retail space at the community at Rittenhouse Station.

Patterson-Woods Commercial Properties / CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets.  We have been providing commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for mor than 40 years.

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