A fully entitled development site in Paramus, adjacent to Bergen Town Center, changed hands for $25 million. The land, located on Forest Avenue just off Route 4, is currently home to an REI and parking lots. The planned development will comprise 426 residential units, as well as retail spaces and parking facilities.
Fully entitled means that a property has obtained all approvals to develop and build a project, including building permits, site plan approvals, zoning permits, and all other necessary permits and approvals.
JLL’s Investment Sales and Advisory team represented the seller, Urban Edge Properties. Led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson, plus Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce, JLL arranged the sale to a joint venture between KRE Group and Russo Development, LLC.
“The combination of Russo’s and KRE Group’s development expertise and the site’s prime location makes this an attractive investment opportunity in today’s market,” noted JLL’s Cruz.
The mixed-use project will be constructed in two phases. The first section will total 166 units, while the second will house 260 units. Both phases will consist of four residential floors above two or three levels of parking. The entire development will also include a generous amenity package and two retail suites. The complex will be surrounded by premier shopping and dining, plus it offers easy access to Route 4, the Garden State Parkway, and I-80.
“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,” add JLL’s Ryan Robertson.
