Co-developers of Brooklyn’s largest mixed-use development City Point, Acadia Realty Trust (Acadia) and Washington Square Partners (Washington Square), announced that Trader Joe’s, the neighborhood grocery store, has selected City Point as its first Downtown Brooklyn outpost and signed a lease.
Trader Joe’s will be the 1.9 million-square-foot development’s designated grocery anchor tenant.
“Trader Joe’s has stayed true to its roots by leveraging a sustainability-driven and honest approach to how people shop for high-quality food,” said Chris Conlon, executive vice president and chief operating officer of Acadia.
“Like Trader Joe’s, City Point has remained steadfast in its commitment to providing local residents and visitors with a destination that meets their needs. We’re confident that the grocer will become a staple of Downtown Brooklyn and its surrounding neighborhoods, serving the community for years to come.”
Slated to open its doors to the public in 2016, Trader Joe’s will be located on City Point’s concourse level, adjacent from DeKalb Market Hall, a 26,000-square-foot food hall offering between 35 to 55 food purveyors. Once open, Trader Joe’s, DeKalb Market Hall and the anticipated restaurants coming in will serve as Brooklyn’s most comprehensive food destination.
“As Downtown Brooklyn continues to grow into a destination for residents, visitors and the nine-to-five crowd, a well-respected tenant like Trader Joe’s only further elevates City Point and the neighborhood,” said Paul Travis, managing partner of Washington Square.
“The development’s central location, close proximity to a number of subway lines and access to a 700-car underground parking garage in nearby Willoughby Square Park, will allow Trader Joe’s to thrive and reach a customer base that spans 11 neighborhoods. We’re looking forward to a truly symbiotic relationship between City Point and Trader Joe’s.”
Roy Roberts of Milestone Associates and David Rosenberg of Robert K. Futterman represented Trader Joe’s, while Peter Ripka and Jason Pennington of Ripco Real Estate Corp. brokered on behalf of City Point.
Located between Fulton and Flatbush Avenues, City Point will be comprised of over 700,000 square feet of commercial space in addition to almost 1,300 residential units upon completion in 2017.
Servicing almost 37 million shoppers, students and working professionals on an annual basis, Downtown Brooklyn’s close proximity to Manhattan and designation as one of the country’s fastest growing cities continues to draw top-tier retailers such as Swarovski, Nordstrom Rack and Adidas to the area.