41,300 SF Commitment Brings Bergen County Retail Center to Full Occupancy
PARAMUS, N.J., May 17, 2016 – Levin Management has arranged a lease with furniture giant Raymour & Flanigan to open a 41,300-square-foot outlet store at Paramus Place in Paramus. The lease signing brings this landmark shopping center to 100 percent occupancy, filling a high-profile anchor space along the sought-after Route 4 retail corridor in Bergen County. Levin serves as exclusive managing and leasing agent for the 261,300-square-foot property.
The Raymour & Flanigan outlet store will open in the end cap formerly occupied by discount apparel store Daffy’s. The new Raymour & Flanigan store represents the furniture chain’s first outlet location in the Garden State.
“Raymour & Flanigan’s new space at Paramus Place is divided between two floors which, from a leasing perspective, can be challenging to fill,” said Joseph Lowry, Levin’s senior vice president of leasing and acquisitions. “However, the configuration was the perfect match for this tenant’s requirements. Raymour & Flanigan was looking to expand its presence in the Bergen County market, arguably one of the top shopping destinations in New Jersey, and we are pleased to have been able to meet their needs at Paramus Place.”
From the tenant’s perspective, Paramus Place’s demographics, aesthetics, visibility and accessibility along heavily traveled Route 4 created a perfect leasing scenario, Lowry said. “Retailers recognize the importance of having a presence in the best possible location,” he noted. “Paramus Place is a strong shopping center and one of the more dominant retail properties in this marketplace. Over time we’ve greatly improved the center’s aesthetics and created a premier retail environment by adding a number of nationally recognized stores, including anchor tenant Kohl’s.”
Raymour & Flanigan is one of the Northeast’s largest furniture retailers with approximately 90 full-line showrooms featuring products from the best brands and suppliers in the industry. Raymour & Flanigan outlet centers offer consumers incredible savings on furniture and mattresses from leading manufacturers.
“The outlet concept is relatively new for Raymour & Flanigan, but given the price-conscious nature of today’s shoppers – combined with Paramus Place’s proximity to the Outlets at Bergen Town Center, which is located directly across the highway – we expect the store to experience tremendous success here. At Levin, our approach to creating the right tenant mix goes beyond simply filling space. Raymour & Flanigan is not only a well-recognized and very strong brand, but a perfect match both for the center’s existing co-tenancy and for the community.”
Located directly on Route 4 west, Paramus Place serves a growing residential population of more than 606,000 people within a five-mile radius and a daytime population of 311,000 people within those same five miles. The marketplace offers an average household income of $87,400, and the daily traffic count exceeds 141,000 vehicles per day on Route 4 and Spring Valley Road. In addition to Kohl’s and the soon-to-be Raymour & Flanigan outlet, tenants include Tuesday Morning, Panera Bread, Annie Sez, Modell’s, Party City, Lane Bryant, A.C. Moore and Cuts for Kids.
Levin specializes in repositioning, retenanting and renovating real estate – areas that have become particularly vital in an increasingly competitive market. For more than six decades, the company has been a trusted single-source commercial real estate services provider for institutional and private owners. Levin today maintains a diversified, retail-focused portfolio of approximately 95 properties totaling 13 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, accounting, construction management and marketing. The company’s services continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.