NAI James E. Hanson on May 17 said it negotiated a lease expansion for 11,900 square feet of retail space located at 194 Route 17 N. in Rochelle Park.
NAI James E. Hanson’s Edward Decker represented the landlord, ACD Realty LLC, in the transaction with the tenant, Subzi Bazaar, a South Asian grocery store that was currently occupying 6,100 square feet of space at the property and looking to expand its footprint.
Featuring a prime location along Route 17 in Bergen County with proximity to Routes 80 and 4, and the Garden State Parkway, the asset is an 18,800-square-foot retail property anchored by Outback Steakhouse. In addition to its accessible location, the space boasts strong area demographics with more than 200,000 residents within a 3-mile radius. It also offers ample parking and is located less than 1 mile from Westfield Garden State Plaza Mall and just over 2 miles from Bergen Town Center.
Tasked with securing a tenant for available space at the property, Decker leveraged his marketing expertise and local market knowledge to present the space to a number of prospective tenants, but learned of Subzi Bazar’s hopes to expand. Decker and his client switched gears and began the process of executing a lease expansion with the retailer for the available space.
After managing a complex negotiation process, Decker successfully inked the lease with Subzi Bazaar to bring the property to full occupancy.
“A successful marketing strategy entails not only promoting space to suitable tenants in the surrounding communities but also being able to identify creative solutions that might not initially fit the mold yet still achieve the desired result,” said Decker. “For my client, ACD Realty LLC, their top priority was leasing available space at the property to a quality tenant and through successful marketing, we were able to pique the interest of one of their current tenants who recognized a unique expansion opportunity. This was truly a win-win situation, and I am pleased that the deal worked out for all parties involved.”