Patterson-Woods Commercial Properties/CORFAC Announces Newark’s Main Street Deals
Wilmington, DE (August 21, 2014) – In recent months, Patterson-Woods Commercial Properties/CORFAC International has secured several sale and lease transactions 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. 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, Mr. Bachu Patel, Insomnia Cookies leased 1,200 +/- SF space at 74 E Main Street. The tenant is a Pennsylvania based, round-the-clock dessert company.
- Dudek also took part in a 4,100 +/- SF lease 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 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 at 115 East Main Street, Latina represented both the buyer and the seller in the $1.35 million sale of a 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, 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.
About Patterson-Woods/CORFAC International
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 the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company’s Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com.
About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.