Paramus Junction at 60 Route 17 North in Paramus — Courtesy: Cushman & Wakefield
By Joshua Burd
The new owners of shopping centers in South Brunswick and Paramus have tapped Cushman & Wakefield as their property managers at the complexes, the real estate services firm said.
The larger of the two, Heritage Square, is a three-building, 80,504-square-foot complex at 4180 Route 1 in the Monmouth Junction section of South Brunswick. Wasa Properties has hired C&W’s asset services practice to oversee the property, which is home to retailers such as PetSmart, Bob’s Discount Furniture, Dunkin’ Donuts and Subway.
The assignment for Cushman’s Michael Nevins and Betty Walker stems from an existing relationship, the firm said. The team also manages Wasa’s Sutton Plaza in Flanders.
In Paramus, the Cushman team of Nevins, Walker, Asha Teelock and Noble Carpenter has been hired to manage a 70,000-square-foot, fully leased property known as Paramus Junction. Located at 60 Route 17 North, the complex is home to DSW, PetSmart and H-Mart and is owned by Deka Immobilien GmbH.
C&W manages more than 1.7 million square feet of additional space in Washington, D.C., Boston, San Francisco and Edwardsville, Illinois on behalf of the international real estate fund.
Both the South Brunswick and Paramus properties recently changed hands.
“Heritage Square and Paramus Junction enjoy Class A locations along established retail corridors,” Nevins said. “Both properties have attracted best-in-class national tenants that attract — and benefit from — healthy consumer traffic.
“We look forward to ensuring responsive operations and attractive environments for these retailers and shoppers alike. In today’s competitive environment, more institutional owners are turning to third-party providers like us to help uphold and enhance their properties’ positioning. We take pride in these two new agency wins.”