PARAMUS, NJ—The partnership of Advance Realty and Invesco Real Estate have acquired a 244,000-square-foot retail portfolio, composed of four properties on Route 17 in Paramus, NJ, including a PGA Tour Superstore and a P.C. Richard & Son electronics retail location.
"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," says Peter J. Cocoziello, president and chief executive officer of Advance Realty. "The portfolio affords our partnership durable in-place cash flow with upside potential."
Three of the buildings are at 289-315 Route 17 South, while the fourth is at 60 Route 17 North. Christopher M. 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 standalone buildings that are occupied by PGA Tour Superstore and a P.C. Richard & Son store. The third building is an older 72,184-square foot office building that the partnership plans to redevelop.
Jamie Sackeim of The Dartmouth Company will serve as exclusive leasing agent for Route 17 South.
The fourth property, 60 Route 17 North, is a 74,900-square-foot power center whose tenants include DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Shadow-anchored by the Westfield Garden State Plaza, the third-largest mall in the New York metropolitan area, the partners believe the newly acquired retail center should consistently capture a high volume of retail traffic.
"This strategic acquisition offered our partnership an opportunity to purchase irreplaceable real estate on an established trade corridor," says 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 exclusive leasing agent for the northbound asset.
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