Centennial, which both owns malls and operates other developers’ malls, has picked up a third-party management contract for Paramus Park mall – one of the original properties that turned the Northern New Jersey town of Paramus into a suburban retail command post.
Under the agreement, which took effect 10 June, Centennial will provide a full spectrum of services for the property, including property management, leasing, specialty leasing, marketing and accounting.
“Paramus Park serves a loyal customer base in one of the nation’s strongest retail corridors,” said Paul Kurzawa, President of Centennial. “This assignment further expands our management and leasing platform in New Jersey.”
The Dallas-based operator’s two other properties in the state are MarketFair in Princeton and Marlton Square in Marlton. Spanning approximately 770,000sq ft, Paramus Park has been a cornerstone of the Bergen County retail landscape for more than 50 years. The centre holds more than 80 tenants and is anchored by Macy’s and Stew Leonard’s.
Other national brands at the mall include Aeropostale, Bath & Body Works, L.L. Bean, Old Navy, Ulta Beauty and Uniqlo. Dining options include Chick-fil-A, Starbucks, Panera Bread and Wetzel’s Pretzels. Centennial owns and/or operates more than 25 million square feet of retail and mixed-use destinations across 18 states. In addition to investing in and operating its own portfolio, the company provides a full-service property management, leasing and advisory platform serving institutional and private owners nationwide.
