Reflecting the continued strength of the dining sector, Cushman & Wakefield’s New Jersey retail team reported robust leasing activity involving restaurant tenants in New York and New Jersey in 2019. Spearheaded by David Townes and Alana Friedman in the firm’s East Rutherford office, along with Neil Seth in New York, the commercial real estate services firm’s retail practice inked 13 transactions totaling 36,926 square feet, including first-time operators and national brands.”
“The dining sector remains one of the hottest retail categories, both in our region and nationwide,” said Townes, whose team specializes in restaurant leasing. “As local and national brands seek to grow their businesses, the demand for second-generation restaurant space with existing kitchen infrastructure continues to be at its highest.”
Through both landlord and tenant representation, Cushman & Wakefield inked leases throughout the Metropolitan area with some of the sector’s most desirable tenant types in 2019. Among the highlights is the highly-anticipated opening of Krispy Kreme in East Rutherford, which is slated for February 2020. Townes and Friedman represented the tenant in a 3,200-square-foot commitment at 91 Route 17 South, the popular doughnut concept’s first Bergen County location.
Townes, Friedman and Seth also helped to secure the first New Jersey location for &pizza on the Jersey City waterfront. The team represented 30 Montgomery Partners LLC, the owner of 30 Montgomery Street, in leasing a 1,033-square-foot space to the popular fast-casual pizza chain. Jamie Sackeim and Vicki Ezra of The Shopping Center Group represented the tenant in the transaction.
Other recent New Jersey transactions included:
In New York, Townes and Friedman brokered Shaking Crab’s 2,260-square-foot lease at 100 East Route 59 in Nanuet, a 1,400-square-foot commitment with Wingstop at 400 Route 211 East in Middletown and a 3,300-square-foot lease with Rey de Pollo at 80 East Route 59 in Spring Valley.
Leasing activity has remained strong through January, with Hidden Grace Foods Corp. taking 11,282 square feet for its Golden Corral national buffet franchise at State Highway 33 & Mercerville Road in Mercerville. Townes represented the tenant in a direct deal with ownership, ParkWinMer SC, LLC (Hilton Realty).
“Among Personal Services and Fitness, Food is expected to continue to be a coveted retailer category in 2020,” noted Friedman. “Consumers are seeking both dining convenience and variety and we anticipate ongoing expansion, specifically in the quick service restaurant (QSR)/fast casual subcategory.”
Cushman & Wakefield’s New Jersey retail team provides comprehensive, integrated real estate services for retail occupiers, landlords and investors – marketing properties, aligning brands to opportunities and providing clients with intelligence for smart decision-making. This includes serving as strategic advisors for tenants, whether they have a single request or require a full market entry plan, and as long-term partners for owners looking to market and tenant their properties for maximum performance. The team currently represents more than 1 million square feet of retail space throughout the region.
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