The joint-venture partnership of Advance Realty and Invesco Real Estate today announced that it has agreed to terms on a lease that will bring H Mart to Paramus, N.J. The supermarket will occupy 25,000 square feet at the retail center at 60 Route 17 North.
Situated alongside DSW Designer Shoe Warehouse and PetSmart, H Mart’s newest store — its ninth in New Jersey — will occupy a space that was formerly home to Staples. Headquartered in nearby Lyndhurst, H Mart’s other New Jersey locations include Fort Lee, Leonia, Englewood, Edison, Cherry Hill, Little Ferry and Ridgefield.
Shadow-anchored by the Westfield Garden State Plaza, the third-largest mall in the New York Metropolitan Area, 60 Route 17 North was acquired in 2015 by the joint-venture partnership, which was attracted to the retail center due, in large part, to its location on an established trade corridor.
“Paramus has long served as a magnet for shoppers in Bergen County and beyond,” said Jared Minatelli, Advance Realty’s director of asset management. “The property at 60 Route 17 North, which consistently captures a high volume of retail traffic, was a perfect fit for H Mart as it looked to capitalize on this thriving market and add to its growing list of locations.”
Minatelli, along with Goldstein Group President Chuck Lanyard and Sales Associate Eric Wallis, represented the joint-venture partnership in the transaction, while Jeff Chaus of Chaus Realty represented H Mart.
Advance Realty and Invesco Real Estate partnered to acquire 60 Route 17 North as part of a 244,000-square-foot retail portfolio comprised of two properties and four buildings. The other properties, located at 289-315 Route 17 South, feature 169,200 square feet of space, and are home to a PGA Tour Superstore, P.C. Richard & Son, as well as other occupied retail and office spaces.
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.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with over $67.7 billion in real estate assets under management, 444 employees and 21 regional offices across the U.S., Europe and Asia. 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 a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $771.5 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of March 31, 2016.