Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRICK, NJ-Paramount Realty Services has snapped up the Brick Center Plaza, an 115,000-square-foot shopping complex, for $14.9 million, or $130 a foot. The seller was Developers Diversified Realty.

Located at the intersection of State Highway 70 and Chambers Bridge Road, the shopping center is anchored by Bed Bath & Beyond, Best Buy and West Marine. It also includes a vacant former Fortunoff store.

“Despite the current disruption in the capital markets, we continue to acquire class A retail assets within the Tri-State area at below-market prices,” says Maurice Zekaria, president of Paramount Realty, in a statement. “We have the capital available to close on acquisitions within 30 days of signing a contract.”

Based in Lakewood, Paramount manages a portfolio of more than 3.5 million square feet in New Jersey, Pennsylvania and Connecticut. It acquired two other shopping centers so far in 2009: the 300,000-square-foot Charter Oak MarketPlace in Hartford, anchored by Wal-Mart, Marshalls and Rainbow, and the 260,000-square-foot Enfield Commons in Enfield, CT, which is anchored by a Mega Marshalls, Barnes ‘N Noble and Old Navy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.