Cushman & Wakefield successfully facilitated the sale of Paramus Plaza, a retail center spanning 153,494 square feet and situated at 545 NJ-17 South in Paramus, New Jersey. The property was sold for $36.8 million.
The transaction was led by the Cushman & Wakefield Tri-State Capital Markets team consisting of Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin and Max Helfman. They collaborated with Mark Gilbert – head of retail capital markets – to represent the seller: a partnership between Acadia Realty Trust and Fortress Investment Group. The buyers were DRA Advisors and First Mile (an affiliate of Crown Acquisitions). Brad Domenico secured acquisition financing from Bank United on behalf of the buyers.
According to DiTommaso: “The sale of Paramus Plaza highlights the strong demand for well-positioned retail assets that perform exceptionally well.” He also praised Acadia-Fortress partnership’s efforts in transforming an ordinary commercial property into a top-notch Class A retail center with renowned national tenants. The new owners are thrilled to have acquired this prime asset located in one of New Jersey’s most robust submarkets for retailers.
Paramus Plaza boasts full occupancy with major tenants such as Hobby Lobby, Marshalls, Ashley Furniture HomeStore Outlet Center (Ashley), Sketchers Factory Outlet Store (Sketchers) as well as Chipotle Mexican Grill drive-thru pad site among others. Its strategic location within Bergen County ensures high traffic volumes while its three-mile radius enjoys an average household income exceeding $200K ($206448).
