Daily Provisions Signs 10-Year Lease for Retail Space in Jersey City
Daily Provisions has signed a 10-year lease for a retail space located at 124 Bay Street in Jersey City, NJ, with the landlord being Kushner & KABR Group. The deal was brokered by Andrew Stern and Andrew Connolly of Newmark, representing the landlord, and Ripco, representing the tenant.
In a recent deal, Daily Provisions, a popular food and beverage retailer, has signed a 10-year lease for a retail space located at 124 Bay Street in Jersey City, NJ. The landlord for the property is Kushner & KABR Group, a prominent real estate development and investment firm. The deal was brokered by Andrew Stern and Andrew Connolly of Newmark, who represented the landlord, and Ripco, who represented the tenant.
The retail space, which spans approximately 3,134 square feet, was listed with an asking rent of $150 per square foot. The lease term of 10 years provides Daily Provisions with a long-term commitment to the location, allowing them to establish a strong presence in the Jersey City market.
Jersey City has experienced significant growth and development in recent years, attracting a diverse range of businesses and residents. The city’s proximity to New York City, along with its vibrant cultural scene and affordable housing options, has made it an attractive destination for both individuals and companies.
Daily Provisions, known for its high-quality food and beverage offerings, will be a valuable addition to the retail landscape in Jersey City. The company’s commitment to sourcing local and sustainable ingredients has resonated with consumers, and their expansion into Jersey City is expected to be well-received.
Kushner & KABR Group, the landlord in this deal, is a well-established player in the real estate market. The firm has a strong track record of successful developments and investments, and their partnership with Daily Provisions is a testament to their ability to attract high-profile tenants.
Andrew Stern and Andrew Connolly, the brokers representing the landlord, are both seasoned professionals in the commercial real estate industry. Their expertise and knowledge of the Jersey City market were instrumental in securing this deal. Their understanding of the tenant’s needs and their ability to negotiate favorable terms for both parties were key factors in the successful completion of the lease.
Ripco, the tenant’s representative, is a leading retail real estate brokerage firm with a strong presence in the New Jersey market. Their experience in working with food and beverage retailers, combined with their understanding of the local market dynamics, made them an ideal partner for Daily Provisions in this transaction.
Overall, the lease agreement between Daily Provisions and Kushner & KABR Group represents a significant milestone for both parties. Daily Provisions will have the opportunity to expand their brand into a new market, while Kushner & KABR Group will benefit from having a reputable tenant in their retail space. The deal also highlights the strength of the Jersey City market and its appeal to businesses looking to establish a presence in the area. With the expertise of the brokers involved, this transaction sets a positive precedent for future deals in the Jersey City commercial real estate market.