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Deals & Dealmakers

Brooklyn furniture retailer West Elm signs Summit, NJ lease

RKF arranged four leases in Summit, New Jersey, for urban brands that cater to young professionals and families.

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Brooklyn-based modern furniture and home goods retailer West Elm opened a 15,350 s/f store at 343 Springfield Avenue. RKF represented the landlord, MRY Associates, LLC. West Elm was represented by Rhino Realty’s Bobby J. Traynham.

Californian home décor brand Serena & Lily took 4,940 s/f for its first New Jersey store at 428 Springfield Avenue. The home décor retailer was represented by Thomas Ryan of James E. Hanson Inc. and John Auber of the Auber Group.

At 92 Summit Avenue, blow-dry chain Drybar also opened its first New Jersey streetfront location. RKF represented the landlord while The Greenberg Group represented Drybar in the 1,866 s/f lease.

And Smoothie King, health-conscious smoothie franchise, leased 945 s/f at 466 Springfield Avenue in a deal broekred by RKF and Augie Caruso of Jeffery Realty.

“These recent transactions affirm the vibrancy of retail opportunities in the state overall and especially in Summit,” said RKF Senior Managing Director Glenn Beyer.

“Retail alone contributes $76.6 billion to the New Jersey economy, and we continue to see growing interest from urban brands that cater to young professionals and families. Property owners know the state is a robust market for retail. RKF has been instrumental in putting New Jersey on the retail map. In the past three years, we have arranged more than 36,000 square feet of retail leases in Summit.”

Beyer, along with Senior Associate Robert Mackowski, arranged all of the transactions.

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