Advance Realty and Invesco Real Estate Acquire 244,000-Square-Foot Retail Portfolio in Paramus, N.J.
The partnership of Advance Realty and Invesco Real Estate today announced the acquisition of a 244,000-square-foot retail portfolio, comprised of four properties, located on Route 17 in Paramus, N.J. Three of the buildings are situated at 289-315 Route 17 South, while the fourth sits 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 stand alone buildings that are occupied by PGA Tour Superstore and a P.C. Richard & Son. The third building is an older 72,184-square foot office building that the partnership plans to redevelop.
“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,” said Peter J. Cocoziello, President and Chief Executive Officer of Advance Realty. “The portfolio affords our partnership durable in-place cash flow with upside potential.”
Jamie Sackeim of The Dartmouth Company will serve as exclusive leasing agent for Route 17 South.
The fourth property, located at 60 Route 17 North, is a 74,900-square-foot power center featuring credit tenants including 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 newly acquired retail center is ideally situated to 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,” said 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.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
Invesco Real Estate is a global leader in the real estate investment management business with over $65.0 billion under management, 419 employees and 20 regional offices across Asia, Europe and the US. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is wholly-owned by Invesco Ltd., one of the largest investment management firms in the world with $798.3 billion in assets under management and on-the-ground presence in 25 cities worldwide. (NYSE: IVZ).