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Newmark is pleased to announce its successful representation of Madison Realty Capital, owners of 211 Route 4 in Paramus, New Jersey, in its deal with iFLY Indoor Skydiving (iFLY) to establish the company’s first location in the state. The transaction was completed by Directors Dean Tselepis and Jerry Putterman.
The new location is in New Jersey’s premier retail market along the high-traffic Route 4 corridor. Its unparalleled access and visibility from all directions will help it stand out, as will the experiential offering the under-construction iFLY will provide. Autin-based iFLY, which has more than 60 other locations in 14 countries, sells timed packages of flight time, which mimics the feeling of free-fall skydiving, albeit safely indoors in an air-conditioned environment.
The location, which will be a 60-foot-tall, single story retail building, is expected to wrap construction in April 2018. iFLY coming to Paramus represents the latest local development encompassing the retail trend of providing unique experiences for consumers that elevate traditional brick-and-mortar retail offerings. Similar examples of this trend include the increasing popularity of trampoline parks and escape-the-room scenarios.
“iFLY has added an A+ location in the best retail market in New Jersey,” said Tselepis. “They are going to become an integral part of the market’s retail landscape and will make an excellent neighbor for the other offerings along this busy corridor. We are truly excited to have played a part in bringing this fresh experience to Paramus.”
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
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