PARAMUS, NJ – The recent results of The Goldstein Group’s retail vacancy analysis reported over a half percent drop bringing the rate below 7.2%. One of the areas that helped contribute to that was the leasing by big box retailers throughout Northern and Central New Jersey.
“The economy is improving and several of the big box tenants found opportunities to enter the market or further penetrate,” stated Chuck Lanyard, President of The Goldstein Group. “For example, Hobby Lobby, a client of The Goldstein Group, decided to enter the market within the last two years and has opened locations in South Plainfield and Marlboro. Now they are taking over a former Sports Authority in Lawrence Township. Currently they are in negotiations for several other locations.”
Due to the bankruptcies and closings over the past few years of retailers such as Circuit City, Pathmark, A&P, CompUSA, Daffy’s, Office Depot, Office Max, Borders and Lindens N Things space became available.
“We were able to lease a former Office Depot on Route 10 in Livingston to Big Lot’s, a former CompUSA to JoAnn Stores” added Lanyard. “Additionally, DSW Shoes, Bob’s Discount Furniture, TJ Maxx, Marshalls, Lowe’s and Shop Rite are examples of retailers who were able to take advantage of finding new locations.
New construction is also coming back as BJ’s opened on Rt 1 in North Brunswick while construction is underway for Costco in North Brunswick and North Plainfield, Shop Rite in Hanover, Walmart in Old Bridge and Whole Foods in Marlboro.
About The Goldstein Group
The Goldstein Group, New Jersey’s leading full-service commercial real estate brokerage firm, specializes in owner representation, retailer representation, investment sales and management services. The firm, founded in 1986, represents over 12,000,000 square feet of retail space and more than 50 national and regional retailers. The Company is the New Jersey member of the Retail Brokers Network. As an RBN affiliate, The Goldstein Group provides clients assistance throughout the United States with qualified retail specialists in over 75 offices in the United States and Canada.
For more information on the Retail Brokers Network, visit www.retailbrokersnetwork.com.
For more information, contact Chuck Lanyard at (201) 703-9700, extension 115 or visit the Company’s website at www.thegoldsteingroup.com.