Monday, August 25, 2014

Newark's Main Street, The Hottest Submarket in DE

In recent months several sale and lease transactions have taken place in Newark, Delaware’s Main Street area – the hottest submarket in Delaware.

Main Street has always been a hot spot for retailers, as it is set in the heart of the 21,000-student University of Delaware campus. The food industry is the common factor in these deals. 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 include:
- Insomnia Cookies leased 1,200 +/- SF space at 74 E Main Street. The tenant is a Pennsylvania based, round-the-clock dessert company.

- Hakuna Hospitality Group leased 4,100 +/- SF lease transaction at 76 E Main Stree. The landlord was 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.

- Main Street Burritos LLC, signed a ten-year lease of a 2100 +/-SF space at 127 E Main Street. The company, publically known 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.

- A block away was the sale at 115 East Main Street, for $1.35 million for 3,400 +/- SF 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, Colorful Yun Nan, Inc., signed a ten-year lease of a 2,911 +/- SF space at 59 East Main Street. The space will be used as an Asian style restaurant.

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