Real Estate Journal — Shopping Centers — June 22 - July 12, 2018 — 13A
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M id A tlantic
S hopping C enters
NWR Realty Corp. purchases 3,321 s/f retail building located at 491 Grand Ave. Castro of NAI Hanson negotiates sale of retail building in Englewood, NJ
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sented the seller, 491 Grand Ave. LLC, in the sale to NWR Realty Corp. Currently unoccupied, the two-story building features two retail storefronts on the main level with the potential to be opened into one large space and a two-bedroom apartment on the second floor. The loca- tion boasts a strategic location nearby Rte. 4 with parking for twelve cars. The buyer plans on converting the retail space into offices for his business. “With rapidly rising rents across all commercial real es- tate sectors in Bergen County,
we continue to see business owners looking to purchase buildings to ensure favorable long-term real estate costs,” said Castro. “The size of the building and the ability to open the two storefronts into one space provided the buyer with the flexibility and desired location they were seeking. Our experience working with sellers in this competitive marketplace ensured we were able to secure a fair market value for the asset and enable them to capitalize on strong property values in the local market.”
NGLEWOOD, NJ — NAI James E. Han- son , a New Jersey-
based ful l - service inde- pendent com- mercial real estate firm, has arranged the sale of a 3,321 s/f re- tail building located at 491
Pablo Castro
Grand Ave. in Englewood. NAI Hanson’s Pablo Castro repre- 1,550 s/f leasebrings LMC- managed center in Paramus to full occupancy PARAMUS, NJ — Nu Im- age Body Sculpting has opened its doors at Paramus Place
RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 491 Grand Ave. in Englewood
in Paramus. Levin Man- a g e m e n t C o r p o r a - tion (LMC) , the proper- ty’s exclusive m a n a g i n g and leasing a g e n t , a r - ranged the
Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record
Jordan Korris
1,550 s/f lease, bringing the 261,300 s/f shopping center to 100% occupancy. Levin leasing representative Jordan Korris negotiated the long-term lease. Chris Cal- abrese of Realty Network Elite represented the tenant. “Bergen County is one of the strongest and most sought-af- ter retail markets in New Jer- sey, and Paramus Place – with its strong tenant mix, high daily consumer traffic and exceptional highway visibility – is a desirable location for any retail tenant,” said Kor- ris. “Lifestyle-oriented medical businesses are a growing niche in retail settings, and the Nu Image Body Sculpting lease is reflective of that trend.” Additional Paramus Place tenants include Kohl’s, Ray- mour & Flanigan, A.C. Moore, Tuesday Morning, Panera Bread, Annie Sez, Modell’s, Party City and Lane Bryant. Well located directly on heav- ily traveled Route 4 west, the shopping center serves a growing residential population of nearly 611,000 people with an average household income of $95,500 within a five-mile radius. The daily traffic count on Rte. 4 exceeds 141,000 ve- hicles per day.
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