Deka/Madison Marquette Acquires Fully Occupied Retail Property from Invesco Real Estate/Advance Realty
PARAMUS, N.J., Jan. 4, 2019 – Cushman & Wakefield arranged the December sale of Paramus Junction, a fully leased, grocery-anchored shopping center in the heart of New Jersey’s iconic Bergen County retail corridor. Deka Immobilien GmBH, advised by Madison Marquette, purchased the 75,000-square-foot asset from a joint venture of Invesco Real Estate, a global real estate investment manager, and Advance Realty.
Cushman & Wakefield’s New Jersey capital markets team represented the seller and procured the buyer, led by investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kubby Tischler.
Paramus Junction is fully occupied by the Asian grocer H Mart, DSW and PetSmart. It is shadow anchored by a BJ’s Wholesale Club. Located at 60 North Route 17 in Paramus, the center sits near the heavily traveled crossroads of routes 4 and 17, directly across from the Garden State Plaza – one of the country’s top performing malls.
“This property offers an ideal e-commerce resistant tenant mix in an irreplaceable location,” Whitmer said. “Paramus is the region’s best-performing retail submarket, housing five regional malls and a ‘who’s who’ of national brands. Paramus Junction has a history of consistently remaining fully occupied since its completion in 1992, making it a prime investment target.” Gabriel noted that the Paramus Junction offering drew significant attention. “With infrequent institutional-quality transactions in this highly sought after retail submarket, we saw interest from a large and diverse pool of buyers, including institutional, private, and international players,” he noted. “The center is a great example of a successful repositioning by the seller, in turn making it the right fit for the investment profile of the buyer. Both parties understanding the merits of the incredible location and tenancy.”
Peter Jun, Madison Marquette’s Senior Managing Director and Head of Global Investments, also commented, “We are delighted to have worked with Deka on this transaction, as we continue to seek more well-performing and strategically located properties together as strategic partners.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $30 billion worth of transactions since 2000, closing over $3 billion in sales in 2018.
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 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $64.1 billion in real estate assets under management, 491 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.