Macy's Lease Makes the Mall at IV

The Mall at IV, Paramus, NJ (IV, as in Route 4), was tired and old, but its rebirth now is well underway. The latest and most important deal, the icing on the cake as they say, is Macy’s new lease for a 71,000-sf department store. The deal brings the property to 80% leased.

Credit for the revival is being given to Strategic Resources Corp. of NYC, an investment advisor and fund management company whose clients include Phoenix Four Inc., the mall’s new owner. In this case, SRC applied its so-called “de-malling” concept. “We converted the lower level into a retail strip center, which is more user-friendly,” explains SRC’s director of asset management, Brian Ricklin.

“We’ve de-malled it into a stacked retailed center,” adds Greg Sanzari, project manager.

Besides that, SRC has done a substantial cosmetic makeover, including new signage. Street-Works was the architectural firm for the redo.