Paramus Plaza, a 153,494-square-foot retail center located on Route 17 South, has been sold for $36.8 million to DRA Advisors and First Mile, an affiliate of Crown Acquisitions, Cushman & Wakefield announced Wednesday.
The Cushman & Wakefield Tri-State Capital Markets team of Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin and Max Helfman partnered with the firm’s head of Retail Capital Markets, Mark Gilbert, to represent the seller, a partnership of Acadia Realty Trust and Fortress Investment Group, in the transaction.
Brad Domenico arranged the acquisition financing with BankUnited on behalf of the buyers.
“The sale of Paramus Plaza underscores the continued investment demand for well-located, high-performing retail assets,” DiTommaso said. “The Acadia-Fortress partnership did an excellent job transforming the original commercial property into a Class A retail center with national tenants, and new ownership is excited to have entered one of the strongest retail submarkets in New Jersey. The combination of density, affluence and proximity to New York City continues to result in success across all product sectors within Paramus, a market that our Cushman & Wakefield team has extensive experience in.”
According to Cushman & Wakefield, First Mile and DRA continue to exemplify their conviction in Paramus with their continued investment in this affluent Bergen County community. Both groups were involved in the 2023 sale of a 288,000-square-foot Class A office building just five miles from Paramus Plaza — a $58 million transaction also arranged by Cushman & Wakefield’s Tri-State Capital Markets team.
The Paramus Plaza sale also marks the second major institutional retail center trade arranged by the team in 2024, having closed an $83.25 million retail sale in Morris County earlier this year.
Paramus Plaza was delivered 100% leased to national tenants including Hobby Lobby, Marshalls, Ashley, Sketchers and a Chipotle drive-thru pad site.
Located in Bergen County, the most populous county in New Jersey, Paramus Plaza benefits from high traffic counts and a high average household income of $206,448 within a three-mile radius, resulting in one of the strongest retail markets in the U.S. generating more than $5 billion in annual retail sales.
