X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The Mall at IV, Paramus, NJ (IV, as in Route 4), was tired and old, but its rebirth now is well underway. The latest and most important deal, the icing on the cake as they say, is Macy’s new lease for a 71,000-sf department store. The deal brings the property to 80% leased.

Credit for the revival is being given to Strategic Resources Corp. of NYC, an investment advisor and fund management company whose clients include Phoenix Four Inc., the mall’s new owner. In this case, SRC applied its so-called “de-malling” concept. “We converted the lower level into a retail strip center, which is more user-friendly,” explains SRC’s director of asset management, Brian Ricklin.

“We’ve de-malled it into a stacked retailed center,” adds Greg Sanzari, project manager.

Besides that, SRC has done a substantial cosmetic makeover, including new signage. Street-Works was the architectural firm for the redo.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.