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THE GOLDSTEIN GROUP
REPORTS 4.2% VACANCY RATE
IN RETAIL SECTOR ALONG
ROUTE 10 CORRIDOR
IN NEW JERSEY |
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GLEN ROCK, NJ, DECEMBER 11, 2006
— The Goldstein Group, New Jersey’s leading retail real estate brokerage firm,
recently completed its Route 10 retail vacancy survey, which shows a 4.2%
vacancy rate throughout the Route 10 corridor from Morris Plains to Roxbury, New
Jersey. “This vacancy rate indicates a very strong retail market with very
little available space along the Route 10 corridor,” according to Chuck Lanyard,
principal and director of brokerage services.
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Encompassing over 4.36 million square feet of retail space, the survey analyzed 256 properties within the highway corridor from I-287 to Route 80, as well as a portion of Route 46 in Roxbury.
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According to The Goldstein Group’s analysis, the Route 10 corridor has over 185,000 square feet of retail space currently available. Some of the vacant spaces include 35,000 square feet at Ledgewood Mall, 23,000 square feet at Roxbury Mall, the 12,000-square-foot former Amrik Galleries, and the former KB Toys in Morris Plains.
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Tenants such as J Jill, Fuddruckers, Saladworks, Planet Fitness, Empire Hibachi Steak House and Ricky’s Candies and Cones have absorbed a combined total 58,030 square feet of space so far this year.
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Additionally, this corridor has over 124,000 square feet of new developments, including a 12,000-square-foot strip center in Randolph, a 10,000-square-foot center pre leased to Hoffman Carpets and a Prudential Real Estate office in Roxbury, a 3,500-square-foot building next to FexEx Kinko’s, and a Mini U Storage facility in Whippany.
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“New retail development along the Route 10 corridor will ensure quality locations for new local, regional and national retailers,” stated Lanyard. “With the constant growth of the Route 10 retail corridor and the recent influx of national retailers seeking sites in the corridor, we forecast that much of this available retail space will be filled in early 2007.”
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ABOUT THE GOLDSTEIN GROUP |
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The Goldstein Group, NJ’s leading full service retail real estate
brokerage firm is celebrating its 20th anniversary. The Company provides a
wide range of services including landlord and tenant representation focused on
leasing, sales, development, property management and financial services. The
Goldstein Group currently represents over 8 million square feet of retail
properties and over 50 national and regional retailers. Through its
partnership with
Retail Brokers Network,
the Company provides extended market coverage throughout the United States.
Founded in 1986, the firm is headquartered in Glen Rock, NJ.
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For more information,
please contact |
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Chuck
Lanyard at 201.703.9700,
extension 15 |
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