120 Route 46 in Parsippany — Courtesy: NAI James E. Hanson
By Joshua Burd
An Indian grocery store operator has leased 12,000 square feet at a Parsippany retail building, brokers with NAI James E. Hanson announced Tuesday.
The real estate services firm represented Peak Realty Associates LLC, the landlord at 120 Route 46, in the transaction with Indian Stream LLC. The team of Darren Lizzack and Randy Horning also represented the operator, which plans to serve Morris County’s rapidly growing Asian community and capitalize on the site’s proximity to interstates 80 and 287.
“For retail landlords, the seemingly constant negativity surrounding the sector can make it appear difficult to secure tenants in the current climate,” Lizzack said. “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.”
In a news release, NAI Hanson touted the building’s 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, the firm said, adding that there are more than 138,000 people residing within five miles of the property.
“We take great pride in our understanding of local retail real estate markets,” Horning said. “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.”
