Monmouth Junction and Paramus Shopping Center “Wins” Reflect Targeted Expansion
MONMOUTH JUNCTION and PARAMUS, N.J., April 11, 2019 – Two new property management assignments in Monmouth and Bergen counties reflect targeted retail-sector expansion for Cushman & Wakefield’s New Jersey Asset Services practice. The shopping centers, Heritage Square in Monmouth Junction and Paramus Junction in Paramus, add approximately 166,000 square feet to the team’s portfolio.
Wasa Properties named Cushman & Wakefield to manage the 80,504-square-foot, three-building Heritage Square, located at 4180 Route 1. Michael Nevins and Betty Walker secured the assignment for Heritage Square – home to PetSmart, Bob’s Discount Furniture, Dunkin’ Donuts, Subway, Rita’s Italian Ice and Chase Bank. Walker is heading the assignment, which marks the expansion of an existing client relationship; Cushman & Wakefield Asset Services also manages Wasa’s Sutton Plaza in Flanders.
The Paramus Junction assignment involves an approximately 70,000-square-foot, fully leased property (home to DSW, PetSmart and H-Mart) at 60 Route 17 North. Nevins, Walker, Asha Teelock and Noble Carpenter secured the Paramus Junction agency, with Walker heading the assignment for owner Deka Immobilien GmbH. Cushman & Wakefield Asset Services manages more than 1.7 million square feet of additional space in Washington, D.C., Boston, San Francisco and Edwardsville, Ill., on behalf of the international real estate fund.
“Heritage Square and Paramus Junction enjoy Class A locations along established retail corridors,” Nevins said. “Both properties have attracted best-in-class national tenants that attract – and benefit from – healthy consumer traffic. We look forward to ensuring responsive operations and attractive environments for these retailers and shoppers alike. In today’s competitive environment, more institutional owners are turning to third-party providers like us to help uphold and enhance their properties’ positioning. We take pride in these two new agency wins.”
Cushman & Wakefield’s East Rutherford-based New Jersey Asset Services team currently serves approximately 20.7 million square feet of space in the Garden State. The Asset Services platform provides comprehensive property management services throughout the asset life cycle. Focused on enhancing asset value, the firm’s professionals are empowered to minimize operating costs, improve efficiencies, and enhance customer service in order to protect the value of each investment. Across the globe, Cushman & Wakefield manages all types of real estate on behalf of corporate, institutional, and private clients.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.