Cushman & Wakefield announced Friday it has arranged the sale of Paramus Junction, a grocery-anchored shopping center in Bergen County.
“This property offers an ideal e-commerce resistant tenant mix in an irreplaceable location,” Brian Whitmer, investment sales specialist at Cushman & Wakefield, said. “Paramus is the region’s best-performing retail submarket, housing five regional malls and a ‘who’s who’ of national brands. Paramus Junction has a history of consistently remaining fully occupied since its completion in 1992, making it a prime investment target.”
“With infrequent institutional-quality transactions in this highly sought after retail submarket, we saw interest from a large and diverse pool of buyers, including institutional, private, and international players,” noted. “The center is a great example of a successful repositioning by the seller, in turn making it the right fit for the investment profile of the buyer. Both parties understanding the merits of the incredible location and tenancy,” Gary Gabriel, an investment sales specialist at Cushman & Wakefield, said.
Cushman & Wakefield’s New Jersey capital markets team, led by Witmer, Gabriel, Andrew Merin, David Bernhaut and Kubby Tischler, represented the seller and procured the buyer.
The property, located within close access to Routes 4 and 17, is anchored by a BJ’s Wholesale Club and is fully occupied by H Mart, DSW and PetSmart.
“We are delighted to have worked with Deka on this transaction, as we continue to seek more well-performing and strategically located properties together as strategic partners,” Peter Jun, Madison Marquette’s senior managing director and head of global investments, said.