the staff of the Ridgewood blog
Paramus NJ, 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 on Wednesday.
The Cushman & Wakefield Tri-State Capital Markets team, including Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, and Max Helfman, along with Retail Capital Markets head Mark Gilbert, represented the seller. The seller was a partnership of Acadia Realty Trust and Fortress Investment Group.
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,” said Frank DiTommaso. “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.”
Cushman & Wakefield highlighted that First Mile and DRA Advisors continue to show their confidence in Paramus with ongoing investments 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 sale of Paramus Plaza marks the second major institutional retail center trade arranged by the team in 2024, following 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 Furniture, Skechers, 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. This results in one of the strongest retail markets in the U.S., generating more than $5 billion in annual retail sales.
Can they say affluent a few more times.
Paramus, the city that it has become. No more town. It’s done. They are building everywhere throughout the town jamming it right up everyone’s ass. Small homes are becoming mansions, and it’s just gonna get worse and worse. Another three years the traffic is going to be just like New York City. Look at it now you can’t even move. And talk about the air pollution. Why would anyone wanna live in Paramus? What’s good about it. Is full of cars. It’s so overpopulated you can keep it
You kidding?
Who would want to live in Bergen county let alone Paramus…
You kidding?
Who would want to live in Ridgewood ?
Totally agree and the middle class is slowly being pushed out of town. These developers and investment companies don’t care about the quality of life in this town. They just care about making themselves richer at the cost of others. And who in Paramus is making $200,000+ in annual income? Only those who are buying up the new $2 million homes.
“They just care about making themselves richer at the cost of others. ”
Then retiring and moving someplace where they don’t have to put up with the fruits of their “labors.”
Exactly.