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Summit, New Jersey Gets Retail Upgrade

08.08.17

West Elm, Serena & Lily, Drybar and Smoothie King to Open

RUTHERFORD, NJ—RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it recently arranged four leases in Summit, one of New Jersey’s most desirable residential and retail markets, known for its small-town feel and vibrant downtown. RKF arranged leases with Brooklyn-based modern furniture and home goods retailer West Elm, at 343 Springfield Avenue; Californian home décor brand Serena & Lily, at 428 Springfield Avenue—its first store in New Jersey; blow-dry chain Drybar, at 92 Summit Avenue—its first store New Jersey street store (not in a shopping center); and health-conscious smoothie franchise, Smoothie King, at 466 Springfield Avenue.

“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.

West Elm at 343 Springfield Avenue

The furniture brand, a branch of Williams-Sonoma, Inc. (NYSE:WSM), opened a 15,350-square-foot store at 343 Springfield Avenue in historic downtown Summit in November 2016. RKF represented the landlord, MRY Associates, LLC. West Elm was represented by Rhino Realty’s Bobby J. Traynham. Located between Beechwood Road and Summit Avenue, the prime location is next to the municipal parking lot and is a short walk from the NJ Transit station. Neighbors include Starbucks, Boxwood Coffee, Juice Caboose, Beechwood Wine & Liquors, Summit Diner, Village Trattoria, Summit Farmers Market and Hilltop Bicycles.

Serena & Lily at 428 Springfield Avenue

RKF represented landlord 428 Springfield Ave LLC in securing Serena & Lily for the 4,940-square-foot retail space 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. Situated near the NJ Transit rail station, Serena & Lily’s new retail neighbors include Starbucks, Juice Caboose, lululemon athletica, Fiorino, and Ahrre’s Coffee Roastery. The location will open in fall 2017.

Drybar at 92 Summit Avenue

RKF represented the landlord 350 Springfield Owner, LLC while The Greenberg Group represented blow-dry chain Drybar in the 1,866-square-foot lease at 92 Summit Avenue. The space is ideally located between Bank Street and Summit Avenue, where neighbors include Batavia Café, BarMethod, Summit Diner 16 Handles, Boxwood Coffee, and Village Trattoria. The location opened in June 2017.

Smoothie King at 466 Springfield Avenue

RKF represented the landlord 466 Springfield Avenue LLC while Augie Caruso of Jeffery Realty represented health-conscious smoothie franchise Smoothie King in the 945-square-foot lease at 466 Springfield Avenue. Neighbors include Starbucks, Jacadi, Jos. A. Bank, and Willow Street. The location opened in spring 2017.

About RKF

The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Tokyo and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.

RKF’s New Jersey office is located at 301 Route 17 North, Suite 707, Rutherford, New Jersey 07070 T: 201.842.7700. www.rkf.com

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