NAI James E. Hanson said Monday that it negotiated the sale of an 8,625-square-foot retail building in Paramus.
NAI James E. Hanson’s Andrew Somple and Justin Allessio represented the seller in the transaction with the buyer, Crown Paramus LLC.
Located at 712 Route 17, the freestanding building was previously the home of Signature Leather. It sits just off the Ridgewood Avenue exit on Route 17, providing easy access to the Paramus Park Mall, the Garden State Plaza, Interstate 80, Route 4 and the Garden State Parkway.
Recognizing NAI Hanson’s reputation for outstanding market knowledge, long-term client relationships and proven results, the seller tapped the company to market the property for sale. The building’s 90 feet of retail frontage, abundant parking and high visibility immediately generated significant interest from real estate investors and developers such as Crown Paramus LLC who were looking to capitalize on the opportunity.
Based in New York, Crown Paramus purchased 712 Route 17 to expand its New Jersey-based commercial real estate footprint. Capitalizing on the property’s ideal location, Crown Paramus will execute a significant renovation plan to make it a modern, desirable retail destination for businesses in the surrounding area to lease.
“Recognizing the ever-improving retail market, Crown Paramus sought this opportunity to expand into the coveted Route 17 Paramus market,” said Somple. “This deal speaks to the strength and resilience of New Jersey’s retail market, and we are very excited to see what is next for this well-located property.”
