11:00 AM
Mitchell Gold + Bob Williams (MG+BW), a leading upscale home furnishings retailer, has signed a long-term, 11,233-square-foot lease at 776 Route 17 North, the newly redeveloped Equinox Plaza in Paramus, N.J.
Dean Tselepis and Jerry Putterman, directors with Newmark Grubb Knight Frank (NGKF) Retail, represented ownership, Laganella Property Management, in the transaction. Jeremy Ezra of RKF represented MG+BW.
“This transaction represents a significant outpost for MG+BW,” Mr. Tselepis reports. “This is a prime location in Paramus, which boasts the highest-traffic retail corridor in the state. The Paramus market has one of the largest concentrations of shopping centers and enclosed malls in the U.S. It is a true retail destination area.”
“Laganella is redeveloping this into a first-class shopping center,” adds Mr. Putterman. “This is a well-respected local developer that has been redeveloping older properties in Paramus and nearby communities. Laganella has modernized several of these buildings, and by doing so the firm has played an essential part in maintaining Paramus’ relevance and premier position.”
In 2003, Mr. Putterman represented Laganella in its lease with Crate & Barrel at another one of its sites on Route 17. “We’ve been a strong team,” says Mr. Putterman. “This a highly competitive market where all major retailers desire a presence, so it requires a lot of attention in terms of both redevelopment and leasing.”
The Paramus location, cited as a MG+BW Flagship Signature Store, is scheduled to open this fall.
“This lease is consistent with a strong upswing in leasing activity in the area,” says Mr. Tselepis. “The older retail product here is good solid property that just needs updating. As more and more major retailers relocate to Paramus, owners like Laganella are stepping up and making our buildings more attractive. These up-and-coming retailers bring a new level of excitement with them. It’s great.”
The MG+BW collection, best known for its upholstered furniture, also offers tables, storage units, rugs, bed linens, lighting, accessories, and wall art. The company also publishes guidebooks on home furnishing, and on furniture as an investment.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.