Stark acquires Brooklyn property, plans more New York buys
The $98 million purchase of 30 Flatbush Avenue in downtown Brooklyn was a big deal for Stark Enterprises, said the developer’s COO.
“Our average deal size is closer to $70 million, so it’s above the norm,” Ezra Stark observed. “It also gives us a strong foothold in the New York market, where we’re planning a few more acquisitions.”
The 258,433-sq.-ft. building was custom-built in 1971 for energy provider Con Edison, which remains its prime tenant. CVS Pharmacy, JP Morgan Chase Bank and United Healthcare Services occupy the retail space that totals 20,413 sq. ft.
“In Manhattan you’re seeing a rise in vacancies. Rents are outpacing the increase in sales. But I think the story is different in downtown Brooklyn, where there is still room for growth in retail,” Stark said.
The acquisition is in keeping with Stark’s strategic plan of acquiring mixed-use properties in central business districts.
“This move is our first of several planned acquisitions in New York,” Stark added.
90K sq. ft. of retail headed for Atlanta’s west side
A leading developer of Whole Foods Market stores and centers in the Southeast has announced plans for a mixed-use project on Atlanta’s growing west side.
S.J. Collins Enterprises has plans for a six-story loft office space with a rooftop restaurant, plus 90,000-sq.-ft. of street-front retail at the corner of 14th Street and Howell Mill Road. Called The Interlock, the project will inhabit a plot that’s stood empty since 2015 in the area of Georgia Tech, west of midtown Atlanta.
Earlier this year, WRS Development announced a mixed-use makeover of the Underground Atlanta site that blends retail and a new dormitory for nearby Georgia State University.
Atlanta added more than 9 million sq. ft. of retail space in 2017, the 8th highest increase among U.S. cities, according to CBRE.
German discount grocery chain heads East
Lidl is set to open its first store in New Jersey.
The discount grocer will open a store in Vineland, on Nov. 16. It’s one of Lidl’s first locations beyond the Southeast, where it made its U.S. debut in June.
The company will open several other locations on Nov. 16, including Winston-Salem, N.C.; Raleigh, N.C.; and Virginia Beach, Va. Lidl is developing stores in at least six New Jersey counties, including Atlantic, Burlington, Camden, Cumberland, Gloucester and Monmouth, according to NJ.com.
In other news, starting Nov. 2, Lidl will roll out premium seasonal products. Every Thursday and Monday, Lidl will bring in 200-plus premium food and wine products, and more than 300 holiday decorations and gift items.
Lidl operate over 10,000 stores in 27 countries.