404 Route 17 North in Paramus — Courtesy: CBRE
By Joshua Burd
A real estate investment trust has acquired a grocery-anchored, 42,000-square-foot retail property in Paramus, in an $8.4 million transaction arranged by CBRE.
Brokers with the firm represented The Hampshire Cos. in the sale of 404 Route 17 North, which features a Trader Joe’s and a HomeSense store. In announcing the sale on Tuesday, CBRE noted that the property provides long-term income with no rollover until 2029
CBRE’s Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer completed the deal, which included procuring the unnamed public REIT as the buyer.
“The property provided a unique opportunity to purchase a grocery-anchored center in one of the densest and most renowned retail markets in the country,” Dunne said. “The center’s irreplaceable location and strong tenancy will provide stable cash flow for years to come.”