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Thrift Store Chain Leases 98,000 SF

PATERSON, NJ-Apogee Retail will occupy more than 90% of a downtown building at 186-196 Main St. with its 27th store nationally.

By Eric Peterson | Updated on April 17, 2008

PATERSON, NJ-Thrift chain Apogee Retail has signed a long-term lease for 97,846 sf at the downtown building at 186-196 Main St. here, GlobeSt.com has learned. The retailer will occupy about 90% of the building, which totals approximately 110,000 sf, taking all of the basement, ground floor and second level space for a term of 20 years.

“Apogee had very large space needs and the landlord was able to accommodate them without inconveniencing any other tenants,” Jack Terzi, senior director of the New York City-based Hidrock Realty tells GlobeSt.com. “The deal worked out well for all parties involved, and Apogee is extremely satisfied with its new location.”

Terzi represented the landlord, the locally based Grand General Stores Inc., which itself at one time utilized most of the space for retail purposes. Apogee Retail was represented by David Pozezynski of Citysites Realty, Washington, DC. The space had been listed with an asking rent of $600,000 per year, which factors out to just more than $6 per sf. The 20-year lease aggregates to a number in the $12-million range.

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