Parsippany, N.J. (November 19, 2019) – NAI James E. Hanson announces it has negotiated a lease for a 12,000-square-foot retail building at 120 Route 46 in Parsippany, N.J. NAI James E. Hanson’s Darren Lizzack and Randy Horning represented the landlord, Peak Realty Associates, LLC, and the tenant, Indian Stream, LLC, in the NAI James E. Hanson exclusive transaction.
Indian Stream plans to leverage the building’s adaptability and proximity to Interstates 80 and 287 to open an Indian grocery store in the heart of Morris County’s rapidly growing Asian community.
Located along one of Morris County’s most heavily traveled retail corridors, 120 Route 46 is a 12,000-square-foot retail building featuring 122 feet of highway frontage and 86 parking spots. The building also features an attached warehouse space, one tailgate, and one drive-in to facilitate the efficient delivery and storage of new products and goods. Additionally, the local demographics are highly favorable with an average household income of $166,472 and over 138,000 people residing within five miles of the building.
“For retail landlords, the seemingly constant negativity surrounding the sector can make it appear difficult to secure tenants in the current climate,” said Lizzack. “However, through our ability to execute creative marketing strategies and leverage our local market knowledge, our team is well-equipped to find suitable retail tenants on behalf of our clients in this challenging market.”
Horning added, “We take great pride in our understanding of local retail real estate markets. This allows us to provide our clients with the strategic counsel they need to make informed and data-driven real estate decisions in a variety of economic climates. This expertise enabled us to help our client secure a space in line with their needs, which ensures they can profitably operate their business while servicing the local community.”