February 25, 2009 > Newark Strip Mall Completed, Available for Buying and Leasing
Newark Strip Mall Completed, Available for Buying and Leasing
By Mai El-Sadany
With the recent completion of the newest strip mall on Central Avenue in Newark, residents should expect to see the units filling up in the near future. David Lal, of Milano Properties and realtor for the strip mall, hopes to see the condo retail units, which range from 1,030 to 1,772 square feet, completely filled or sold within the next six months.
Rounda and Steven Chen, a trust company, and Chao & Company, an investor from China, are both owners and developers of the units. They approached Milano Properties to represent them and lease and sell the condos to interested parties. The developers and owners of the project have been involved in a number of strip mall projects across the United States.
"The units are marketed for medical offices," Lal explains, "as well as retail doctors like family practitioners and optometrists." Lal says that there has been a lot of interest regarding the units, and many of the interested parties are ready to sign lease agreements, however, the preference will go to doctors. Lal additionally says that the units will not be sold or leased to any liquor stores. Franchises, like Starbucks or Subway, pizza stores, or high-end markets may be allowed, however.
Lal and Milano Properties have also been approached by the U.S. Olympics who find the units to be convenient because of the easy access to the freeway. However, because they are looking at a number of potential locations, no lease agreement has been finalized to date. "One of the units has already been leased to a dentist," Lal says. He explains that the dentist is in the middle of setting up the interior of the unit and will be moving in and opening up shortly.
About the strip mall, Terrence Grindall, Community Development Director of the City of Newark, says, "The project is being offered now exactly as it was envisioned- there has been no change in the plans for the space." The area around the strip mall is residential, and having the mall would be in convenient proximity, explains Lal. Grindall confirms saying, "This property is located on an important roadway, and it is central to a large residential area that is underserved by retail. We are confident that this property will attract quality tenants in the future, hopefully the near future."