JLL brokers sale for Urban Edge to Russo/KRE JV

Bergen County, NJ — JLL Capital Markets has arranged the $25 million sale of Bergen Town Center Land Site, a development of a 426-unit multifamily complex adjacent to Bergen Town Center in Paramus, strategically located along Rte. 4 in New Jersey.

JLL worked on behalf of the seller, Urban Edge Properties. The buyer was a joint venture between Russo Development, LLC and KRE Group.

The project, located on Forest Ave., will be developed in two phases: a 166-unit phase and a 260-unit phase. Each section will feature four floors of residential space over two or three levels of parking. The development will also include a class A amenity package and two retail suites totaling around 5,000 s/f.

Situated in affluent Bergen County, the site offers residents unparalleled access to Bergen Town Center, the premier shopping destination in the area. The location boasts excellent connectivity via Rte-4, the Garden State Parkway and I-80, attracting a dense population with an average household income of $140,915 within a three-mile radius.

JLL’s Investment Sales and Advisory team representing the seller was led by senior managing director Jose Cruz and senior director Ryan Robertson along with senior managing directors Steve Simonelli and Michael Oliver and directors Elizabeth DeVesty and Austin Pierce.

“The combination of Russo’s and KRE Group’s development expertise and the site’s prime location makes this an attractive investment opportunity in today’s market,” said Cruz.

Robertson added, “We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail and other elements to remain competitive.”

In further developments, JLL Capital Markets secured a $14.5 million refinancing for 500 W Main St., a 115,084 s/f multi-tenant industrial facility in Wyckoff.

JLL worked on behalf of the borrower, The STRO Companies, to secure the five-year, fixed-rate loan through City National Bank (CNB).

Built in 1966, the shallow bay property features 21-foot clear heights, six dock doors, nine drive-in doors and 115 parking spaces. The facility is fully leased to 12 tenants across manufacturing, distribution and service industries.

The property benefits from an advantageous location in Bergen County, New Jersey, featuring strong regional connectivity, infill dynamics, impressive market fundamentals and population density. Situated in close proximity from NJ Rte. 208, I-287 and NJ Rte. 17, tenants have efficient access via the State’s extensive highway infrastructure.

The JLL Capital Markets team was led by senior managing director Michael Klein, senior director Max Custer and analyst Christian Badalamenti.