NRG Adventure Park Signs 59,000-Square-Foot Lease at Paramus Park South, Joining DAG Paramus, Norse Realty Group and Red Starr Investments Repositioning

NRG Adventure Park has signed a lease for roughly 59,000 square feet at Paramus Park South, 700 Paramus Park, Paramus, N.J., bringing an indoor entertainment concept to the upper level of the former Sears space that sits directly above the property's Stew Leonard's supermarket anchor. The location is expected to open in 2027, according to an announcement from brokerage firm TSCG.

Jamie Sackeim of TSCG represented the ownership group in the transaction. Jerry Welkis and Stephan Miller of Welco Realty represented the tenant.

A Joint Venture's Repositioning Play

The lease is the latest step in the transformation of Paramus Park South since the property was acquired in 2025 by a joint venture comprising Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus. The acquisition was financed through acquisition financing arranged by Ackman-Ziff and traded for $38 million. At the time of acquisition, the center was approximately 67 percent leased, leaving the upper-level former-anchor space available for a large-format user.

The approximately 181,150-square-foot center sits on a 14-acre site with frontage on Route 17 and direct exposure to the Garden State Parkway, where daily traffic runs roughly 138,000 vehicles. Known anchors at the property include Stew Leonard's, which occupies 100,000 square feet, and Atlantic Health Systems, which occupies 21,934 square feet.

"This is a rare space to find," Sackeim said. "It's a big, wide-open floor sitting right on top of a grocery anchor, with the Parkway out front and families already coming through the door every day. NRG will turn the upper level into yet another reason to come to Paramus Park South and cement its reputation as a family destination."

What NRG Adventure Park Will Offer

NRG, which also operates a location in Springfield, will offer trampolines, ropes courses, climbing attractions, virtual-reality experiences and party facilities across the upper-level space. The operator's footprint places it directly above the 100,000-square-foot Stew Leonard's, giving it access to grocery-driven foot traffic on a daily basis.

The building connects to the Paramus Park Mall and its more than 60 retailers, including Macy's, L.L. Bean, Uniqlo, Sephora and Ulta. The surrounding trade area carries an average household income of more than $219,000 within a 10-minute drive, and Bergen County ranks among the wealthiest and most densely populated counties in the United States.

"NRG is the perfect tenant for this space," said Robert Heidenberg, CEO and president of Heidenberg Properties Group. "They saw exactly what we saw in the upper level, and they have the concept to bring it to life. TSCG made it happen — they brought us real options and ran a straightforward, no-nonsense negotiation that got the deal done."

Market Context: Experiential Tenants and Northern New Jersey Retail

The deal reflects a broader pattern in which landlords are deploying large-format entertainment concepts to absorb upper-floor or former-anchor vacancies that are difficult to fill with traditional retail tenants. Northern New Jersey retail vacancy stood at 8.0 percent in the first quarter of 2026 and 8.2 percent in the second quarter, with 3.5 million square feet of leasing activity recorded in the first half of the year. Bergen County specifically posted a vacancy rate of approximately 7.2 percent in late 2025, with an average asking rent of $16.92 per square foot and cap rates around 6.1 percent.

NRG's 59,000-square-foot footprint is the kind of oversized vacancy that experience-driven operators have increasingly targeted as backfill for big-box and partial-anchor spaces. For the Paramus Park South joint venture, the lease advances the property's repositioning as a mixed retail-and-entertainment destination while preserving the grocery-anchored foundation that drives consistent daily traffic.

Sources

Heidenberg Properties Group — Press Release, Sept. 14, 2026