60 Route 17 North in Paramus — Courtesy: Cushman & Wakefield
By Joshua Burd
Advance Realty and Invesco Real Estate have sold a 75,000-square-foot, grocery-anchored retail property on Route 17 in Paramus, in a deal arranged by Cushman & Wakefield.
Brokers with the firm announced Friday that Deka Immobilien GmBH, which was advised by Madison Marquette, acquired the property at 60 Route 17 North for an undisclosed price. Known as Paramus Junction, the fully leased center is anchored by a recently opened, 25,000-square-foot H Mart store and is also home to DSW and PetSmart.
Cushman & Wakefield’s New Jersey capital markets team, led by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kubby Tischler, represented the sellers and procured the buyer.
“This property offers an ideal e-commerce-resistant tenant mix in an irreplaceable location,” Whitmer said. “Paramus is the region’s best-performing retail submarket, housing five regional malls and a ‘who’s who’ of national brands. Paramus Junction has a history of consistently remaining fully occupied since its completion in 1992, making it a prime investment target.”
The brokerage team noted that Paramus Junction is shadow-anchored by a BJ’s Wholesale Club and sits near the busy crossroads of routes 4 and 17. It is also directly across from the landmark Westfield Garden State Plaza.
“With infrequent institutional-quality transactions in this highly sought after retail submarket, we saw interest from a large and diverse pool of buyers, including institutional, private and international players,” Gabriel said. “The center is a great example of a successful repositioning by the seller, in turn making it the right fit for the investment profile of the buyer.”
Advance and Invesco acquired the property in 2015 as part of a 244,000-square-foot retail portfolio made up of two properties and four buildings. The other property, 289-315 Route 17 South, features 169,200 square feet and is home to a PGA Tour Superstore and P.C. Richard & Son, along with 46,000 square feet of redeveloped retail space that is currently under construction.
H Mart, an upscale grocer specializing in both traditional Asian and international foods, opened its doors last spring after signing a lease in 2016. The Lyndhurst-based operator has backfilled a former Staples location.
“We are delighted to have worked with Deka on this transaction, as we continue to seek more well-performing and strategically located properties together as strategic partners,” said Peter Jun, Madison Marquette’s senior managing director and head of global investments.