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THE GOLDSTEIN GROUP
REPORTS 3.2% VACANCY RATE
IN RETAIL SECTOR ALONG
NEW JERSEY
ROUTE 22 CORRIDOR |
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GLEN ROCK, NJ, JANUARY 16, 2007
— The Goldstein Group, New Jersey’s leading retail real estate brokerage firm,
recently completed its Route 22 retail vacancy survey, which shows a 3.2%
vacancy rate throughout the Route 22 corridor from Scotch Plains through
Bridgewater, New Jersey. This low vacancy rate indicates a strong retail market
with limited available space along the Route 22 corridor.
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The survey analyzed over 330 properties within the highway corridor from Glenside Avenue in Scotch Plains to Route 202 in Bridgewater and a portion of Route 202 to Middletown Road, encompassing over 5.9 million square feet of retail space.
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According to The Goldstein Group’s analysis, this marketplace has over 190,000 square feet of retail space available. Some of the larger spaces currently available include the 23,500-square-foot former Office Max, the 19,505-square-foot former Staples, the former Lone Star Steakhouse, the former Country Manor Furniture Store and the former Frank’s Nursery.
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Tenants such as Raymour & Flanigan, Bob’s Discount Furniture, Loehmann’s Shoes, Basset Furniture, Children’s Place, Citibank, Sherwin Williams and Footprints absorbed over 250,000 square feet of retail space during 2006. At the new Village at Bridgewater Mall, 13 tenants have absorbed 90,000 square feet including Crate & Barrell, Maggiano’s Restaurant, Ann Taylor Loft, Coldwater Creek, Banana Republic, Chipolte, Starbucks, Origins, White House Black Market, Johnson Murphy, Blue Mercury, Sunglass Hut and Brook Brothers.
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“With over 143,000 square feet of space under construction and additional proposed retail sites on the boards, the Route 22 corridor will provide retailers with opportunities in this highly sought-after retail corridor,” stated Chuck Lanyard, principal and director of brokerage services of The Goldstein Group.
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ABOUT THE GOLDSTEIN GROUP |
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The Goldstein Group, New Jersey’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, New Jersey.
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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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