NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce the completion of a five-year, 1,500-square-foot retail lease agreement at 1424 Teaneck Road in Teaneck, N.J. NAI Hanson's Louis Tapia, sales associate, represented the landlord, B.J.W. Associates, while the tenant, SUBWAY Restaurants, represented themselves in this transaction.
"High vacancy rates are forcing landlords to get creative with their incentive packages and lease terms," stated Tapia. "I was able to negotiate two renewal options on the lease, which reflects the new 'norm' in today's market of extensive landlord concessions in order to place tenants in their properties."
SUBWAY Restaurants negotiated two five-year renewal options for this 1,500-square-foot space that is located in a neighborhood strip mall anchored by Walgreens. The property sits just minutes from Route 4 and is conveniently located near Interstate 80, the Garden State Parkway and the New Jersey Turnpike. Amenities include pylon signage and plenty of off-street parking. The store is expected to open in February 2010.