Real estate investment trust Urban Edge Properties has sold the Bergen Town Center Land Site, a development of a 426-unit multifamily complex in Paramus, to a joint venture between Russo Development LLC and KRE Group for $25 million.
JLL Capital Markets arranged the sale of the development, a mixed-use project adjacent to Bergen Town Center in Paramus along Route 4 in Bergen County.
The project, located on Forest Avenue, 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 square feet.
The site offers residents access to Bergen Town Center, one of the area’s main shopping destinations. The location is near Route 4, the Garden State Parkway, and Interstate 80.
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.
Robertson said, “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.”
New York City-based Urban Edge Properties is a real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the supply constrained corridor between Washington D.C. and Boston. Russo Development is a Carlstadt privately held developer specializing in industrial, data center and multifamily properties. Founded in 1979 and headquartered in Jersey City, KRE Group is a family-run developer operating in New York, New Jersey, and Pennsylvania.
