Krauszer’s Food Stores Signs Lease at RockPlaza Lofts on Market Street in Newark
Store is First of Several Planned in Newark to Provide Convenience Food and Retail to Meet the Increased Demand from the Growing Residential Population Downtown
(Newark, N.J.) – Fidelco Realty Group and Hanini Group announced a key lease signing to fill a missing gap for convenience and food retail vital to any residential community. Krauszer’s Food Stores, a convenience grocery store, entered the Newark market by signing a lease for 15 years and 2,300 square feet at the Madison building (216 Market Street) as part of the RockPlaza Lofts redevelopment. The store is the first of several planned for Krauszer’s as part of its growth strategy in Newark.
“The signing of Krauszer’s represents both a practical and milestone success for the RockPlaza Lofts development,” said Marc E. Berson, chairman of Fidelco Realty Group. “From a practical standpoint, Krauszer’s Food Stores provides residents with a walkable, convenient place in the neighborhood for their food and grocery needs. Symbolically, Krauszer’s adds to the diversity of retailers, bringing RockPlaza Lofts another step closer to delivering upon the ambitious goals the development set when it was conceived.”
“RockPlaza Lofts is a logical location for our flagship store,” said Ketul Shah, owner of the new Krauszer’s Food Stores in Newark. “The residents of RockPlaza Lofts, along with the local business community and visitors to the Prudential Center, provide a set of natural customers with a need for the goods and services Krauszer’s provides. This store offers a strong foundation as we build our presence with other locations throughout the city.”
Krauszer’s Food Stores offers convenience retail items such as toiletries and baby products, along with food staples, hot coffee and other basic grocery needs. It will operate seven days per week from 6 a.m. to 10 p.m., with the goal of operating 24 hours a day.
Krauszer’s is anticipated to open before the end of the summer.
Christian Benedetto and Ed Flanagan of Hopkins Sampson & Brown Real Estate Advisory Services, LLC were the sole brokers in the transaction.
The RockPlaza Lofts redevelopment, which is being completed in phases, totals eight properties, approximately 34,000 square feet of retail space and over 80 loft style apartment units within the area bounded by Market Street, Mulberry Street and Edison Place.
The first phase of the overall project was completed in 2011 with the redevelopment of the Bowers Building at 191 Market Street, consisting of 3,500 square feet of ground floor retail and eight market-rate, loft-style apartments. Rita’s Italian Ice opened in early May, occupying part of the retail space at the Bowers Building, which is currently fully leased. The Newark Downtown District (“NDD”), a nonprofit organization affiliated with the City of Newark’s police department dedicated to enhancing the safety of the downtown area, is also a tenant at 191 Market Street.
The Columbian, located at 224-226 Market Street, is the most recently completed building, opening in full before the end of 2012. The Columbian is home to Dinosaur Bar-B-Que on the ground floor and 22 loft apartment units on the upper floors.
Other retail tenants of the development include FASTSIGNS®, a printer for high-impact signage and graphics with 530 locations around the world.
Other properties within RockPlaza Lofts include 212 Market Street and 210 Market Street.