Yes the market is slow, investors can barely get financing on AAA in place tenants. Vacancies are worthless in a shaky retail environment. However in the past 2 months Downtown Newark has seen 5 vacancies tenanted.
The first I want to mention is at 744 Broad St, the National Newark Building. This is a space of approx 3,500 sq feet that has been occupied by Verizon Wireless. Verizon took the space as a flagship company store in downtown Newark. The price per square foot number has been reported to be north of $60 if not $65. Very impressive. More impressive is that the next door tenant is a Verizon store! Yes, Verizon corporate decided to locate NEXT DOOR to one of their franchisees. He is not too happy to say the least… Good work on behalf of the team at Cogswell.
Next are two stores along Branford Street. One is a Chicken and Pizza restaurant, the other will be an Islamic clothing and book store they are currently fitting out the space. What is interesting about these is that the locations are not prime however even in this market there is demand for this type of retail.
On the southwest corner of broad and market a new Papaya King is in process of opening. Now this is a great location however the size of the unit constrains the use here and makes it perfect for this type of business.
The fifth retailer in midst of build out is Dunkin Donuts. They are moving into the space at 188 Market Street. This is an excellent location and an excellent tenant. They are have a long term commitment in this space and are investing a considerable amount in the build-out.
So what? A few new tenants in Downtown Newark… Well pay attention! They may not all be national AAA retailers however they are knowledgeable local businessmen who know the market and believe that Newark rising is a whole lot more than a rallying cry during a state of the city speech.