Press Release brought to you by Tucker Development

Tucker Development Announces 67,000-SF Lease with Wakefern Food Corp. to Open ShopRite at Springfield Avenue Marketplace

05/28/2013

Tucker Development Corporation, a leader in the development of shopping centers and mixed-use properties, today announced that it has signed a 67,000-square-foot lease with the Wakefern Food Corp. retail cooperative, the merchandising and distribution arm for ShopRite stores, to open a new supermarket at Springfield Avenue Marketplace in Newark, one of New Jersey’s most highly anticipated urban, mixed-use developments.

Featuring 125,000 square feet of retail space, Springfield Avenue Marketplace is the city’s largest new retail development. As anchor tenant, ShopRite will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty.

In addition to retail, Springfield Avenue Marketplace will feature approximately 150 residential apartments and is poised to play a key role in Newark’s continued renaissance, as well as serve as a significant job creator. The development is expected to create approximately 240 construction jobs and almost 400 full and part-time jobs.

“Today’s announcement is wonderful news for our city,” Newark Mayor Cory Booker said. “Newark residents deserve convenient access to fresh and healthy food options, and there is no better place for a large grocery store than Springfield Avenue. Located in the heart of the city, this new ShopRite will strengthen our local economy by retaining more of our citizens’ buying power in Newark, in addition to providing hundreds of new job opportunities for residents.”

The development of an underutilized 11-acre site at the northeast corner of Springfield Avenue and Jones Street, Springfield Avenue Marketplace will add to the vibrancy of the Central Ward retail hub. The development is part of Newark’s Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases along with the full exemption of taxes on grocery and clothing purchases in New Jersey.

“Today’s announcement clearly demonstrates the strong demand for new retail options in Newark,” said Richard Tucker, president and CEO of Tucker Development Corporation. “ShopRite and other retailers at Springfield Avenue Marketplace will help recapture a large portion of the $575 million in retail sales that Newark loses every year, as residents have been forced to make 38 percent of their purchases outside the city. It will also provide a necessary resource to neighborhood residents, create employment opportunities, and help to increase the City’s tax revenue base. Further, new quality apartments will serve the growing demand in Newark, and specifically around University Heights.”

Springfield Avenue Marketplace is one of best-positioned retail sites in Newark — New Jersey’s largest city. The site is within close proximity to six of the city’s major colleges and is just one block from the University of Medicine and Dentistry of New Jersey, the nation’s largest health sciences university. Additionally, the development will be accessible by multiple modes of transportation, including two bus stops at the site.

“This is a homecoming of sorts for Wakefern, which located its first warehouse in Newark in 1946,” said Neil Greenstein, president of the new ShopRite of Newark and member of the Wakefern Food Corp. cooperative. “Now, nearly 70 years later, this site is set to become the city’s premier retail destination, and it is an ideal time to open a supermarket here.” 

As a third generation grocer, Greenstein also owns and operates the ShopRite of Brookdale in Bloomfield, N.J.

“I’m excited to see ShopRite become an integral part of the Newark community and know that we can bring great value and high quality products to this great city,” Greenstein said. “It couldn’t have been possible without Mayor Booker and his staff, Councilman Sharif and the Tucker organization.”  

Tucker Development Corporation expects to break ground on Springfield Avenue Marketplace in Fall 2013. The company is currently marketing additional leasing opportunities to a mix of national, regional and local retailers.

“Wakefern/ShopRite’s decision to come to Newark will strengthen one of the city’s key neighborhoods and give residents a quality supermarket to buy healthy groceries,” said Adam Zipkin, Deputy Mayor of Housing and Economic Development for the City of Newark. “We’re excited for this project to break ground later this year and look forward to its completion.”

“The site where the ShopRite will be built has been vacant for over 20 years, and this store, along with the other developments slated to go on that 11-acre parcel, will be a game-changer for that part of Springfield Avenue,” said Darrin Sharif, Central Ward Councilman for the City of Newark.“I am certain that this development will trigger even more development on Springfield Avenue as other serious developers realize that Newark and the Central Ward are overripe for development. Hats off to Tucker Development for pulling the deal together, and I look forward to the groundbreaking and ribbon-cutting ceremonies.”

Springfield Avenue Marketplace is Tucker’s second major development in Newark. In 2012, the company completed development of the Courtyard by Marriott Newark Downtown, the first hotel for the city’s downtown in more than 40 years.

“Thanks in large part to Mayor Booker’s administration, we have witnessed tremendous momentum in Newark over the past few years, and we’re excited to expand our relationship with the City,” Tucker said. “We’ve always believed that Newark has untapped potential, especially in terms of retail, transit-oriented and smart growth development. This lease announcement is further validation of that belief.”

Tucker Development Corporation

Founded in 1996, Tucker Development Corporation is a leading developer and manager of shopping centers and mixed-use properties in key Midwest and East Coast markets. The company pursues mixed-use and retail-related real estate investments that provide an opportunity to enhance value through development, redevelopment, repositioning and recapitalization.

For more information on Tucker Development Corporation, visit www.tuckerdevelopment.com. For leasing information, contact Adam Moschin at (847) 926-9999 or amoschin@tuckerdevelopment.com.

About ShopRite

ShopRite is the registered trademark of Wakefern Food Corp., a retailer-owned cooperative, based in Keasbey, NJ and the largest supermarket cooperative in the United States.  With nearly 250 ShopRite supermarkets located throughout New Jersey, New York, Pennsylvania, Connecticut, Delaware and Maryland, ShopRite serves more than five million customers each week.  A long-time supporter of key community efforts, ShopRite is dedicated to fighting hunger in the communities it serves.  Through its ShopRite Partners In Caring program, ShopRite has donated $29 million to 1,700 worthy charities and food banks since the program began in 1999.  As a title sponsor of the LPGA’s ShopRite Classic, ShopRite has raised more than $24 million for local schools, hospitals and community groups.  Progressive Grocer named ShopRite its 2011 Retailer of the Year and Supermarket News awarded ShopRite its 2011 Retail Excellence Award.  For more information, please visit www.ShopRite.com.

05/28/2013 - 10:21

Source

Tucker Development

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