Friday, July 17, 2015

Office and Retail Leases This Week

By Steve Lubetkin,
Office and retail leases continued to dominate New Jersey and Pennsylvania market activity in recent weeks, while financial firms took advantage of the market's appetite for well-collateralized loans to helped clients reposition their financial obligations. Here are some highlights:


RIDGEFIELD PARK, NJ–Franklin Templeton Investments has signed a 10-year lease for 13,000 square feet of new office space at KABR and Kushner Companies’ 55 Challenger Road in Ridgefield Park, NJ.  This new office is located in Overpeck Corporate Centre, which is home to several world-class corporations and conveniently located just minutes from New York City. "We are pleased to have secured such a well-appointed office space. The Overpeck Corporate Centre provides a very professional yet comfortable working environment for our employees," says Don Taylor, chief investment officer of Franklin Equity Group - US Value, the investment management team that will occupy the new office. The 13,000-square foot office offers amenities including a new lobby, cafeteria and gym for employees to enjoy.

MONTCLAIR, NJ—The Pinnacle Companies says The SienaMontclair, a luxury mixed-use building on the corner of South Park and Church Streets, has leased its last remaining retail space.  Little Nest Photography, a boutique portrait studio, will open later this summer in a 1,856 square foot space, a block from the new Jimmy John’s gourmet sandwich shop. The Siena at Montclair offers 35,000 square feet of street-level boutique retail space, and 101 luxury condominium residences on the site of the former Hahnes department store, with retailers including Starbucks, New York Sports Club, Verizon, Supercuts and the Woodhouse Spa.  Little Nest Photography is expected to open in fall 2015. The Siena project was built as a joint venture between The Pinnacle Companies, Kohl Partners and the Mandelbaum family.

HACKENSACK, NJ—Fitness franchise TITLE Boxing Club has leased 4,000 square feet at Summit Plaza in Hackensack. The 100,000-square-foot Bergen County shopping center is owned and managed by Alfred Sanzari Enterprises. TITLE Boxing Club offers total-body boxing and kickboxing fitness workouts. Located at 370-380 West Pleasantview Ave. at the intersection of Route 17, Summit and West Pleasantview avenues, Summit Plaza is anchored by a 62,000-square-foot Super Stop & Shop. The center’s tenants include Great Expressions Dental Centers, United Tae Kwon Do Center, Juicy Platters, Harmon Cosmetics, GNC, Payless ShoeSource, RadioShack, Dress Barn, The UPS Store and Blimpie, as well as typical neighborhood services such as a dry cleaner and a pizzeria. One 1,200-square-foot retail space remains available at Summit Plaza.

55 Challenger Road, Ridgefield Park, NJ
UNION, NJ—Fast-casual sandwich franchise Jersey Mike’s Subs has leased 1,800 square feet at Galloping Hill Center. North Plainfield, N.J.-based Levin Management is exclusive leasing and managing agent for the 68,000-square-foot shopping center.

WEST WINDSOR, NJ—Buffalo Wild Wings is preparing to open its first location in Mercer County, NJ following the purchase of a former Chili’s location at 3465 US Highway 1 in West Windsor. Winick Realty Group NJ founding partner and senior vice president Tyler Bennett represented AntSul Group in the off-market transaction, which marks Buffalo Wild Wings’ sixth location in New York and New Jersey. Bennett is continuing to work with AntSul Group to find additional Buffalo Wild Wings locations in Staten Island, NY, as well as Hamilton Township and New Brunswick, NJ.

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