PARAMUS, NJ-With leasing activity still high in New Jersey’s biggest retail stretch, Route 17 is seeing new space come on-and-off the market. Building owner Zarch Hovianesian has retained NAI James E. Hanson to marketing three office suites and 2,000 square feet of retail space at 193 Route 17 South here.
The retail is located on the ground floor, while the second-floor office space is semi-furnished and consists of three separate suites. The first space spans 2,250 square feet; the second is 1,250 square feet; and the third is 1,650 square feet.
"This is one of the best locations on Route 17 South, located between Midland Avenue and Century Road with traffic counts of over 140,000 cars per day,” says NAI James E. Hanson sales associate Jill Gordon. "There is great signage as well an abundance of parking that any retailer should find quite attractive."
The property also has easy access to a number of major roadways including Route 4 and the Garden State Parkway. Asking rent for the ground level retail space is $45 per square foot. The office suites are $22.50 per square foot, according to LoopNet.
On the retail leasing side, Paramus-based firm the Goldstein Group has brokered 17 deals on the Route 17 and Route 4 corridors over the past year. Two of the biggest deals include a new 28,000-square-foot Lord & Taylor Home store at the Fashion Center on Route 17 and Ridgewood Avenue, and a 167,000-square-foot Lowe’s Home Improvement off Route 4.
Goldstein Group president Chuck Lanyard anticipates that the success of the Paramus market will trickle down to the state’s central sector as well. "Despite the weakened economy, New Jersey still ranks close to the top of the list of states with high population density and strong income levels," Lanyard said in a statement. "Coupled with landlord’s aggressiveness in making deals, New Jersey will continue to see leasing activity improve throughout the state."
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