By Joshua Burd
Levin Management will lead the effort to fill a 50,000-square-foot, big-box retail space in Paramus formerly occupied by defunct Sports Authority chain.
The commercial real estate services firm announced that the site, located at 200 Ikea Drive, is located at the intersection of routes 4 and 17. That puts it in the heart of the highly sought-after Bergen County retail corridor and alongside retailers such as IKEA, Bed Bath & Beyond and Christmas Tree Shops.
“This is a phenomenal space that offers unparalleled access and visibility within the dynamic Paramus market,” Joseph Lowry, Levin’s senior vice president of leasing and acquisitions, said in a prepared statement. “It is truly one of the best retail locations within one of the best retail markets in the entire United States.”
Sports Authority, once the nation’s largest sporting goods chain, filed for bankruptcy earlier this year and closed hundreds of stores through the summer. Levin said the store it left behind in Paramus “provides a unique opportunity for multiple types of big-box players looking to enter the dynamic Bergen County market.”
The North Plainfield-based firm is marketing the space to prospective tenants of varying sizes and uses, while experiencing significant interest from a variety of different retailers, according to a news release. The shopping center serves a marketplace of more than 580,000 people within a five-mile radius, with a daytime population of 299,000 people within those same five miles.
“We are looking for the highest and best use for this in-demand space, whether that is a big-box fitness chain, a restaurant/entertainment concept, a consumer electronics retailer, or arts and crafts store,” Lowry said. “Our goal is to secure one major tenant, but, depending on the opportunity, would also consider dividing.”