Retail brokerage Robert K. Futterman & Associates has opened its first office in New Jersey. Barry Fishbach, an executive vice president at RKF, said the brokerage has been doing deals in New Jersey for several years so it was a natural step to open an office there, despite the down market.
“[The downturn] creates opportunities for us because landlords need brokers now more than ever,” said Fishbach. “Space is becoming available, more than the natural rollover of lease expirations, and more will continue to come onto the market.”
While New York City does have some large specialty stores like Linens ‘n Things and Circuit City headed for closure, neighboring New Jersey, with its numerous suburban shopping malls, has more large stores becoming available as troubled retailers shed space.
“We are marketing retail projects that are in excess of 1 million square feet,” Fishbach said.
While RKF largely deals with shopping centers and big box stores on major highways, Fishbach said they also want to expand and work on putting smaller stores in cities’ downtowns.
The new RKF New Jersey office, which is located at 301 Route 17 North in Rutherford, will have five staff members, including Fishbach. Three of the brokers moved from RKF’s Manhattan office and one was newly hired.
Fishbach said the office’s location, which is close to several major highways, provides good access to northern and central New Jersey, where RKF primarily does business.