Saddle Brook, N.J. Weiss Realty Co., representing Paljer Co. LLC, said it has arranged two retail leases at 419 Market Street, including a 15,593-sq.-ft. deal with Dollar General store and a ground lease for a new 2,400-sq.-ft. Capital One Bank.
Construction is slated to start shortly.
“As rare as a new bank branch is right now, the Dollar General lease is really a sign of the times,” says Jaime Weiss, president of Moonachie-based Weiss Realty, who negotiated the deal for a space formerly occupied by Drug Fair. “The recession and shift in consumer spending habits is radically changing the retail landscape, with discount-pricing stores displacing other types and commanding prime locations, even in affluent areas.”
Dollar General is filling the space vacated by Drug Fair, which declared bankruptcy in March.