The Newark Shopping Center is for sale.
The center on East Main Street has undergone a turnaround under current owner Atlantic Realty, which renovated the shopping center and added Newark Natural Foods as an anchor tenant. No selling price was listed.
Built in 1955, the 145,141 square foot center on 11.9 acres and has an occupancy rate of 94 percent, with three dozen tenants.
Other tenants include Wing Stop, Capriotti’s, Dollar Tree, Orangetheory Gym, Goodwill, Fresenius Medical, Enterprise Rent-a-Car, PNC Bank, Rita’s, T-Mobile/Metro PCS and a new Chase Bank pad with drive-thru, Main Street Cinemas, Pho Ever, Newark Discount Liquor, Poke Bros, Churrascaria Saudades and Mediterranean Grille.
The center was a shopping mainstay over the years with anchors like the Newark Department Store and Woolworth’s.
The decline of the center started with the opening of Christiana Mall and continued for many years as Main Street Newark struggled with the departure of businesses. The turnaround of Main Street put the focus on the shopping center and made the site attractive to Virginia-based Atlantic.
A portion of the center that housed a bowling alley became a student housing high rise that operates under separate ownership.
The center may see more competition in the future as the renovation of the College Square area into a mixed-use retail and residential project gets underway. More recently, merchants been dealing with the effects of roadwork on Main Street.
Click here for listing information.
