PARAMUS — A newly constructed shopping center has landed four new tenants even as the pandemic continues to pose challenges for business. A bike shop, a pizzeria, a Mexican restaurant and a rehabilitation center have leased space at Paramus Crossroads.
Work on Paramus Crossroads, a 40-000 square foot building, started around 2018 after an aging office building was demolished. The shopping and dining complex, located just north of the Route 17 south intersection with the Garden State Parkway, is between a PGA Tour Superstore and a PC Richard & Son.
Tacoria Mexican Street Kitchen is planning to open at the end of the year, while Trinity Rehab and Urban Bricks Pizza officially opened at the property in August. Trek Bikes opened its doors in September. The businesses join Jersey Mike’s Subs and Mamoun’s Falafel, which opened in 2019.
Tacoria is a small chain that touts fresh ingredients and has locations in Montclair, Morristown, Jersey City, Princeton and New Brunswick. Urban Bricks Pizza, a San Antonio-based fast-casual restaurant, offers build-your-own pizzas and entrees. It has about 20 locations, mostly in Texas.
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The Trek shop reflects a change in fortunes for bike shops, which were dwindling in number in North Jersey before the pandemic. Then lockdown rules and fear of exposure to the coronavirus steered people toward outdoor activities.
“Despite the challenges presented by the COVID-19 pandemic, we are extremely pleased to welcome these four exciting retailers to Paramus Crossroads, all of which serve as a testament to the market’s resiliency and the top-tier quality of the space and opportunity at the property,” said Peter J. Cocoziello, CEO of Advance Realty Investors, in a press release.
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Still to fill at the shopping center is approximately 19,500 feet of anchor retail space and 5,700 square feet in the development’s northernmost building, according to developer Advance Realty Investors. Approximately 7,000 square feet of second-floor office space is also available, the group said.
Newmark, a commercial real estate agency, will market the remaining retail space at Paramus Crossroads.
Mayor Richard LaBarbiera said a “tremendous job” was done with the shopping center and was a testimony to the “strong Paramus market.” He said he felt that the businesses that opened were types of stores that have not been as adversely affected by the pandemic.
“We’ve seen a huge spike in fitness; I know you can’t even get home machines since so many people are working out at home,” said LaBarbiera. “People are out and about on their bikes.”
Bergen County’s office vacancy rate rose in the third quarter of the year to 15.9%, up slightly from 14.3% in the second quarter, according to a report by Cushman & Wakefield, a global commercial real estate services firm. The report does not break out figures for retail space.
The Bergen Route 4 East submarket, which includes Paramus, has a vacancy rate of 12% in the office market, said Jason Price, a researcher for Cushman & Wakefield.
That’s lower than the statewide rate of 18.4% in the third quarter (from July 1 to Sept. 30) up from 17.8% in the second quarter.
Stephanie Noda is a local reporter for NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.