Atrium at Fashion Center
Paramus, New Jersey
Regional Market / Submarket: Paramus, NJ
Year Built, Renovated: Built -1960, Renovated-2005-2007, 2012
Gross Leasable Area: 171,376 square feet
Population (5 miles): 324,627
Ave HH Income (5 miles): $115,705
Key Tenants: Bed Bath and Beyond, Buy Buy Baby, TJ Maxx, Best Buy, Fairway Market, Lord & Taylor
The Atrium at Fashion Center is a 171,376 square foot Bed Bath & Beyond and T.J. Maxx anchored vertical retail building. The property has strong visibility and convenient customer access along the Route 17 retail corridor. Originally developed as a B-Altman’s department store, the property was subsequently redeveloped by Olshan Properties for its current use. In 2012 Olshan Properties redeveloped the building again by adding improved vertical transportation, signage, site design and aesthetic presentation to better serve customer and tenants, including a new flagship anchor tenant that will occupy the vacant third floor of the building.
About the Trade Area:
Located at the northern end of the Route 17 corridor in Paramus, NJ, the Fashion Center is positioned in the most robust retail trade area in New Jersey and one of the largest shopping areas in the country. Access to the property is located off of Route Ridgewood Avenue and 17 North, which is one of New Jersey’s most heavily traveled roads. The Fashion Center and Paramus Park Mall anchor the northern end of the Route 17 corridor. Paramus is home to five regional malls, numerous shopping centers and freestanding retail properties. Paramus generates over $5 billion in retail sales per year which places it among the top zip codes in the United States. New Jersey does not levy a state sales tax on clothes and shoes which makes Paramus an attractive shopping destination for consumers from as far away as New York City. In addition, Paramus is a relatively affluent city with household incomes well above county, state and national levels. The current population within a 1-mile radius is 26,128 with an average household income of $130,013 and median home price of $501,500.