Positioning Retail Real Estate for a New Generation

August 23, 2016

  • Posted on:  Tuesday, 23 August 2016 20:45
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Levin Management Selected to Lease Sports Authority Space in Paramus, N.J.

Prominent 50,000 SF Retail Site Offers Coveted Bergen County Address

PARAMUS, N.J. – Aug. 23, 2016 – Commercial real estate services firm Levin Management has been retained to market a 50,000-square-foot, big-box retail space formerly occupied by defunct national sporting goods chain Sports Authority. Located at 200 Ikea Drive in Paramus, the prominent site is located at the intersection of routes 4 and 17 – in the heart of the highly sought-after Bergen County retail corridor.

Situated directly across from the Garden State Plaza and just moments from the Garden State Parkway, 200 Ikea Drive offers exceptional visibility, high traffic counts and strong demographics. The property’s in-place retailers include IKEA, Bed Bath & Beyond and Christmas Tree Shops.

“This is a phenomenal space that offers unparalleled access and visibility within the dynamic Paramus market,” noted Joseph Lowry, Levin’s senior vice president of leasing and acquisitions. “It is truly one of the best retail locations within one of the best retail markets in the entire United States.”

Given its size and flexibility, the space provides a unique opportunity for multiple types of big-box players looking to enter the dynamic Bergen County market, according to Lowry. Levin is marketing the space to prospective tenants of varying sizes and uses, and is experiencing significant interest from a variety of different retailers.

“We are looking for the highest and best use for this in-demand space, whether that is a big-box fitness chain, a restaurant/entertainment concept, a consumer electronics retailer, or arts and crafts store,” Lowry said. “Our goal is to secure one major tenant, but, depending on the opportunity, would also consider dividing.”

200 Ikea Drive serves a growing residential population of more than 580,000 people within a five-mile radius with a daytime population of 299,000 people within those same five miles. The marketplace offers an average household income of $120,000 within one mile of the center, and the daily traffic count exceeds 141,000 vehicles per day on heavily traveled Route 4.

For more than six decades, Levin Management Corporation has been a trusted single-source commercial real estate services provider for institutional and private owners. Today Levin 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 specializes in repositioning, retenanting and renovating real estate – areas that have become particularly vital in an increasingly competitive market. Levin’s services continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

Read 6381 times Last modified on Tuesday, 23 August 2016 20:49