CBRE announced it arranged for the sale of a 41,988-square-foot Trader Joe’s and HomeSense center located at 404 Route 17 N. in Paramus.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, The Hampshire Cos. LLC, in the sale and also procured the buyer, a public REIT, who acquired the property for $8.4 million.
One-hundred percent leased to Trader Joe’s and HomeSense, the center is located on one of the region’s most prestigious and heavily traveled retail corridors, according to CBRE, which draws from a wide trade area and includes over 11 million square feet of retail within the submarket.
Dunne commented: “The property provided a unique opportunity to purchase a grocery-anchored center in one of the densest and most renowned retail markets in the country. The center’s irreplaceable location and strong tenancy will provide stable cash flow for years to come.”