Urban Edge Properties sold a fully entitled development parcel, located next to Bergen Town Center on Forest Avenue in Paramus, to Russo Development and The KRE Group, as a joint venture. The two-phase development plan includes a 426-unit multifamily complex.
Property: Bergen Town Center development site in Paramus, N.J.
Price: $25M
Seller: Urban Edge Properties
Buyer: Russo Development and The KRE Group
Situated in affluent Bergen County, the site offers residents access to Bergen Town Center, the premier shopping destination in the area, and boasts excellent connectivity to Route 4, the Garden State Parkway and Interstate 80, attracting a population with an average household income of $140,915 within a three-mile radius.
“You don’t come across a site like this often that is fully entitled, right next to a major mall, and in a market like Paramus where land is incredibly scarce. It’s a chance to reimagine part of a regional retail corridor into something new, and that kind of scale and vision is what made it so compelling,” said Ryan Robertson, Senior Director of JLL Capital Markets, who represented the seller.
The project will be developed in two phases: a 166-unit phase and a 260-unit phase. Each section will feature four floors of residential space over two or three levels of parking and will also include a Class A amenity package and two retail suites totaling around 5,000 s.f.
“We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail and other elements to remain competitive,” said Robertson.
For this acquisition, JLL’s sales and advisory team consisted of Robertson, Senior Managing Directors Jose Cruz, Steve Simonelli, Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“The deal had a lot of moving parts, from entitlements and local approvals to getting the buyer comfortable with the unexpected hurdles that occurred during the redevelopment process. Our process made sure everyone was aligned. In the end, it came down to having the right team, strong communication and just keeping the momentum going,” said Robertson.
