THE GOLDSTEIN GROUP REPORTS

Thursday, March 01 2007, 07:01 AM EST

THE GOLDSTEIN GROUP REPORTS 3.99 PERCENT VACANCY RATE IN RETAIL CORRIDOR ALONG ROUTE 4 IN PARAMUS, NEW JERSEY 

The Goldstein Group, New Jersey’s leading retail real estate brokerage firm, recently completed its Route 4 retail vacancy report, which shows a 3.99 percent vacancy rate throughout the Route 4 corridor in Paramus, New Jersey. This low vacancy rate indicates a historically strong retail market with limited available space along the popular Route 4 corridor.

“The vacancy rate is extremely low for one of the most important retail corridors in the state and the northeast region of the United States,” stated Chuck Lanyard, principal and director of brokerage services of The Goldstein Group. “Prime store locations, its proximity to Manhattan and its location at the crossroads of some of New Jersey’s most traveled highways, make Paramus the ultimate destination for national and local retailers, and consumers alike. We predict that this vacancy rate will drop throughout the year.”

The survey analyzed over 90 properties along the highway corridor from Hackensack Avenue to the Route 208 intersection in Paramus, which encompasses over 2.1 million square feet of retail space. The malls in the corridor, the Bergen Mall and The Shops at Riverside Square, were excluded from this survey.

According to The Goldstein Group’s analysis, the Route 4 corridor has over 84,000 square feet of available retail space. Vacancies include over 20,500 square feet at the former Huffman Koos property; 20,000 square feet at The Shoppes at IV; 9,000 square feet at Plaza 35; the former Bergen Fitness and Dover Business School.

In 2006, over 167,000 square feet of retail space was absorbed by retailers such as Levitz, Moda Furniture, Safaveigh Carpet, Destination Maternity, Applebees, Sleepy’s, Futonworld, Elite Diamond, My Home Furniture, Cambridge Education, Gothic Cabinet and Studio PAV.

Currently, 200,000 square feet of new construction is under development along Route 4. Adding to the desirability of the area is the redevelopment of one of the oldest malls in the state, the Bergen Mall by Vornado Corporation, as well as the current Loew’s movie theater complex, which will be moving to the Garden State Plaza. This will result in tremendous new opportunities for retailers and restaurateurs. Target, Whole Foods and Century 21, which opened this past fall, have been the catalysts for the new development in the heart of the Route 4 corridor. Additionally, there will be more than one or two big box users as part of the redevelopment, which will be announced shortly.

The Shoppes at Riverside Square, which has been transformed into an upscale mall for specialty shops and numerous high-end restaurants, is nearing completion of its huge expansion. New upscale retailers such as Tiffany’s, Coach and Benetton, as well as top quality restaurants such as Maggiano’s, Rosa Mexicano and P.F. Changs, will be opening shortly.

“Paramus, with the highest retail sales in any other zip code in the United States, along with a population of over 600,000 people in five miles, continues to be one of the most desirable retail markets in the country,” added Lanyard. “That figure is astounding considering the Paramus Blue Laws restrict stores from opening on Sundays.”

About The Goldstein Group
The Goldstein Group is New Jersey’s leading full service retail real estate brokerage firm. The Company provides a wide array of services including landlord and tenant representation focused on leasing, sales, development, property management and financial services. The Goldstein Group currently represents over eight million square feet of retail properties and over 50 national and regional retailers. Founded in 1986, the firm is headquartered in Glen Rock, New Jersey. Through the Company’s partnership with the Retail Brokers Network, it provides extended market coverage throughout the United States. For more information, contact Chuck Lanyard, principal and director of brokerage services at 201-703-9700, or visit the Company’s website at www.thegoldsteingroup.com.

For more information on the Retail Brokers Network, visit www.retailbrokersnetwork.com.

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