Thomasville Furniture signs 22,000-SF lease in Paramus, N.J. mall

Real Estate Weekly, Sept 11, 2002

Strategic Resources Corporation has announced that Thomasville Furniture has signed a lease for 22,000 SF at The Shoppes at IV in Paramus, N.J.

This brings overall occupancy at this remodeled retail shopping center, located on heavily traveled Route 4, east of Route 17, to approximately 96%.

"We almost have a full house," said Brian F. Ricklin, managing director of asset management for Strategic Resources Corporation (SRC). SRC is the New York-based investment advisor to Phoenix Four, Inc., the owner through an affiliate of the Shoppes at IV.

"And, what we've got is a 'house' full of furniture. With Macy's Furniture Gallery and Interni also tenants at the Center," Ricklin added, "we may have the largest collection of furniture under one roof in the area. It's really become Furniture Alley all along Route 4, with great results for the merchants. For instance, the Macy's Furniture Gallery at the Shoppes at IV is one of that chain's top performing stores in only its second year of operation, exceeding projections."

More importantly, to Ricklin and to Paramus, SRC has thoroughly rehabilitated a property that just two years ago still showed the signs of years of neglect. "It's a tremendous success story for SRC and for Paramus," said Mayor Cliff Gennarelli.

"Since the location is one of the first major buildings you see entering Paramus from New York City," Gennarelli added, "Shoppes at IV plays a particularly prominent role in the impression visitors get of our community.

SRC has done a phenomenal job in turning this property around, and has been a good corporate citizen in working with my administration."