7-Eleven Opens at Paramount Assets’ Ironbound Plaza in Newark, N.J.
New 2,500 SF Store Joins Blink Fitness at Fully-Renovated Building
December 18, 2018 // Franchising.com // NEWARK, N.J. - The grand opening of convenience store chain 7-Eleven at Paramount Assets' Ironbound Plaza in Newark represents a new chapter for the fully-leased, adaptive reuse project. The developer purchased the triangular-shaped, limestone-clad building, located at 2 Ferry Street, vacant in 2017. Initially built as a bank building and later converted for medical use, Ironbound Plaza sits on the corner of Market and Ferry Streets, adjacent to Newark Penn Station.
Carmelo G. Garcia, deputy mayor/chief of development for the city of Newark (front row, second from left) and franchisee Syed Raza (front row, second from right) participated along with members of the community and 7-Eleven leadership at the official ribbon cutting ceremony. The new 2,500-square-foot 7-Eleven joins fitness chain Blink Fitness, which opened at Ironbound Plaza earlier this year.
“In redeveloping Ironbound Plaza, we recognized an excellent opportunity to reposition and repopulate an historically significant property,” said Richard Dunn, senior vice-president of Paramount Assets. “7-Eleven is ideally suited to serve the City’s growing residential population, as well as CBD commercial occupants. Welcoming another national retail tenant to this property underscores the exciting revitalization currently underway in Downtown Newark.”
7-Eleven and Blink Fitness benefit from the building’s premier location and demographics, including a daily weekday pedestrian traffic count of more than 18,000 people from Newark Penn station. Paramount Assets preserved many original features in the redesign of the property, including its architecturally distinctive facade. The street-level 7-Eleven occupies the “tip” of the triangle-shaped building and is accessed via the original grand staircase and revolving door.
Paramount Assets’ positive relationship with 7-Eleven was instrumental in securing and completing the lease transaction, according to Dunn. The Ironbound location is 7-Eleven’s third lease signing within Paramount Assets’ New Jersey portfolio, underscoring the firm’s success in bringing quality national franchises to transit-oriented, urban locales.
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 67,000 stores in 17 countries, including 11,800 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings, cheeseburgers and hot chicken sandwiches. 7-Eleven offers customers industry-leading private brand products under the 7-Select® brand including healthy options, decadent treats and everyday favorites, at an outstanding value. Customers also count on 7-Eleven for bill payments, self-service lockers and other convenient services. Find out more online at www.7-Eleven.com, via the 7Rewards® customer loyalty platform on the 7-Eleven mobile app, or on social media at Facebook, Twitter and Instagram.
About Paramount Assets
142 Broad Street, 2nd Floor, Elizabeth, NJ 07201
SOURCE Paramount Assets
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