Paramus Plaza at 545 Route 17 South in Paramus — Courtesy: JLL
By Joshua Burd
A fully leased, two-story retail center in Paramus is on the market for sale, with the potential to command a price of nearly $50 million.
According to JLL, which is representing the would-be seller, the 153,494-square-foot property known as Paramus Plaza sits on 13 acres at 545 Route 17 South. Hobby Lobby anchors the complex, with other tenants including BluePearl Pet Hospital, Ashley’s Furniture, Marshall’s, Skecher’s Factory and a 2,400-square-foot Chipotle Mexican Grill.
Brokers expect the center to generate a sale price around $48 million.
“The offering presents a rare opportunity to acquire a long-term net-leased, strongly cash-flowing investment in one of the country’s most lucrative, coveted and densely populated retail destinations,” JLL wrote in its marketing materials. The firm noted that Paramus Plaza has leases that “are owner-friendly with multiple renewal options, minimal landlord obligations and contractual rent escalations,” with a weighted average lease term of 10.31 years.
What’s more, the property’s nearest expiration is June 2029. JLL also pointed to the complex’s location in the heart of the Paramus and Bergen County retail corridor, part of an affluent market that generates more than $5 billion in annual retail sales.
Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Jordan Altman are leading the assignment for JLL, along with Thomas E. Didio Jr. of the firm’s debt and equity team.