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Lease Agreements

Business
Big Lots Taking Over Paramus Toys R Us Big Lots Taking Over Paramus Toys R Us
Big Lots Taking Over Paramus Toys R Us Big Lots is on its way to Paramus. The discount chain last year purchased the remaining 12-year lease on the 36,000-square-foot Toys R Us store on Ridgewood Avenue for $2.75 million, according to TheRealDeal.com. That's $6.50 per square foot annually, compared to $30 (had the chain signed a new lease on a larger space). The vacant space was transformed into a Spirit Halloween store last fall. Big Lots is known across 47 states for its closeout buys and massive furniture markdowns. No word yet on opening date.

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by Cecilia Levine
Business
Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan
Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan Not so fast, Raymour & Flanigan. Less than two weeks after the furniture store bid $1.3 to take over the lease of the Route 4 east Toys R Us store in Paramus, the building's landlord has asked Bankruptcy Court to block the sale, NorthJersey.com reports. Property owner N.T. Hegeman Co., Ltd., cites a provision in the 46-year-old building lease prohibiting assigning the lease to furniture stores, the article says. Prior to the request, the Paramus store was among the 20 on the auction block in the U.S. that received winning bids from someone other than their own landlords, according to a…

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by Cecilia Levine