PROPERTY INFORMATION AND HIGHLIGHTS

Allendale Shopping Plaza, Allendale (Bergen County), New Jersey

This 85,000 square foot community shopping center has an A&P Fresh Store, Learning Express, McDonald's, Commerce Bank and 13 other tenants.  It is located two miles off of Route 17, next to Saddle River, Upper Saddle River and Wyckoff.  This property is located in an affluent area of Bergen County; the average annual household income is over $175,000.

We are especially pleased with the tenants in this center.  In 1985, we worked closely with A&P in converting their existing store into the first Future Store in the entire country.  That store was the model for other A&P store conversions and was featured in numerous television commercials.  A&P later completed an expansion of its store by an additional 8,000 square feet.

In October, 2006, A&P completed a multi-million dollar renovation to convert the existing store into an A&P Fresh Store.  We are now working on a plan for a major renovation and expansion of the rest of the shopping center.  We anticipate breaking ground in the Fall, 2008.  Please see http://azariangroup.com/Properties/Allendale-bldg.html for more detail on our upcoming renovation project including architectural renderings.

Drug Fair Shopping Center, Fairfield (Essex County), New Jersey

This 45,000 square foot center is located on Route 46, a major highway with a daily car count of more than 125,000, one-half mile west of Willowbrook Mall, in Fairfield, New Jersey.  Some of our rated tenants include Drug Fair, Electrolux, Allstate Insurance and Dunkin’ Donuts.  In 2004 we completed a major renovation of the shopping center which included innovative, internally-illuminated panels with bird designs (see property pictures http://azariangroup.com/Properties/DrugFair-bldg.html).

American Way Outlet Mall, Fairfield (Essex County), New Jersey

This 200,000 square foot enclosed mall with over 50 stores on two levels was developed by us from the ground up.  The Mayor of Fairfield was so pleased with the improvements we made to the Drug Fair Shopping Center in 1981, that he told us about this site and asked us to buy and develop it.  The site was severely run down, and previous owners had gone bankrupt. 

Our first dilemma was to determine a market niche for the Mall.  The site is within one-quarter mile of Willowbrook Mall, a super-regional mall with over 1,200,000 square feet, anchored by Macy’s, Bloomingdale’s, Lord & Taylor and Penney's.  We determined a traditional mall mix would probably not be successful in such close proximity to Willowbrook.  We eventually decided to develop the property into an Outlet Mall, and we are proud to have produced the first in the State of New Jersey. 

The second dilemma was securing tenants--no one wanted to be the first to sign up.  The tenants we approached had a "wait and see" philosophy.  We became very active in the Outlet Mall Industry, joining outlet mall trade organizations, attending seminars and traveling across the country to visit other Outlet Malls to get ideas and generate tenant leads.  Our hard work, determination and enthusiasm finally paid off.  We were able to secure the best retailers in the business (as of 1981), such as Hit or Miss, Frugal Frank's (a division of Kinney Shoes), Old Mill (a division of HartMarx), Flemington Fashions, Dress Barn, and many others.

The Mall was sold in 1986 to Balcor, a division of American Express. Since purchasing the Mall, Balcor had been unable to manage it effectively and had a large turnover of on-site managers.  They previously asked us to return to manage the site for them.

Eventually, the Mall was purchased by Dayton Hudson, which razed the building and erected a new Target Store.

Hyde Park Mall, Route 9, Hyde Park (Dutchess County), New York

This 145,000 square foot Mall is located adjacent to the world famous Culinary Institute of America and Franklin Delano Roosevelt's Home and Presidential Museum.

We were successful in leasing the former Jamesway space to Ames, which opened on November 1, 1999.  Ames experienced the largest grand opening in the company’s history.  Since then our location remained in the top 10 of all Ames stores.

Unfortunately, Ames filed for bankruptcy.  We were able to quickly lease the space to Stop and Shop.  Stop and Shop is scheduled to begin construction in 2009 (CLICK HERE for more details and pictures).

Raritan Center, Raritan (Middlesex County) Street, New Jersey

We are quite excited about our tentative plans for renovation and expansion of the existing 70,000 square foot shopping center.  Our expansion plans also include the construction of a 10,000 square foot pad site which we have leased to The Learning Experience, along with a major renovation of the rest of the shopping center.  We anticipate starting work in Spring, 2009.  To view our architectural rendering and for more renovation detail go to http://azariangroup.com/Properties/Raritan-ren.html