PARAMUS, NJ — The partnership of Advance Realty and Invesco Real Estate announced the acquisition of a 244,000 s/f retail portfolio, comprised of four properties, located on Route 17 in Paramus. Three of the buildings are situated at 289-315 Route 17 South, while the fourth sits at 60 Route 17 North. Christopher Bellapianta, managing director and principal of Advance Realty, led the joint-venture partnership in the acquisition of the portfolio.
289-315 Route 17 South features two stand alone buildings that are occupied by PGA Tour Superstore and a P.C. Richard & Son. The third building is an older 72,184 s/f office building that the partnership plans to redevelop.
"Paramus is among the most desirable retail corridors in the United States, with extremely favorable supply and demand characteristics and an estimated $5 billion in retail sales annually," said Peter Cocoziello, president and chief executive officer of Advance Realty. "The portfolio affords our partnership durable in-place cash flow with upside potential."
Jamie Sackeim of The Dartmouth Company will serve as leasing agent for Route 17 South.
The fourth property, located at 60 Route 17 North, is a 74,900 s/f power center featuring credit tenants including DSW Designer Shoe Warehouse, PetSmart and a 25,000-s/f Staples store that will be re-tenanted.
“This strategic acquisition offered our partnership an opportunity to purchase irreplaceable real estate on an established trade corridor,” said Lesley Lisser, director, asset management, Invesco Real Estate. “The properties’ prime location in the heart of Bergen County offers tenants excellent visibility along an always-busy traffic artery, as well as access to the area’s dense, high-income population.”
Chuck Lanyard, president of The Goldstein Group, will serve as the leasing agent for the northbound asset.