Advance Realty and Invesco Real Estate Acquire
Paramus, N.J. (December 23, 2015) – NAI James E. Hanson, a leading New Jersey-based independent commercial real estate firm, today announced it has arranged the sale of a four-building portfolio totaling 244,084-square-feet, located on two sites along Route 17 in Paramus, New Jersey to a joint venture between Advance Realty and Invesco Real Estate. NAI Hanson’s Michael Walters, SIOR and Gregory James represented the seller, Buehler Trust in the transaction with an exclusive listing. The portfolio sold for $57,415,000.
The properties at 289-315 Route 17 South total 169,184-square-foot with two stand-alone buildings housing a PGA Tour Superstore and a P.C. Richard and sons. The third building currently houses a FED EX Office.
The property located at 60 Route 17 North is a 74,900-squre-foot strip center which is adjacent to a BJ’s Wholesale Club. DSW, PetSmart and Staples round out the list of anchor tenants at the property.
“Starting with the competitive bidding process for the exclusive listing which began in 2014 and up until we closed this week, this has been a really exciting project to work on,” said James. “This portfolio had so much to offer once the groundwork had been laid, which was made evident by the enormous interest we garnered while marketing the portfolio. Advance Realty and Invesco were the perfect partners to work with, based on their diligence in meeting the Buehler’s timelines and their long history with Buehler Trust. We don’t just work in Bergen County, we live, play and shop there too and that is one of the reasons why we were so passionate about not only sourcing the best possible deal for our client, but also by marketing it in a way to attract the right buyer to manage and add value to the property.”
The properties lie within one of the hottest retail corridors in the state with over 125,000 cars traveling the strip each day. 289-315 Route 17 South is located just seconds from exit 163 on the Garden State Parkway and 60 Route 17 South is just minutes away and at the intersections of Route 4 and 17.
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.