Acadia & Fortress Secure $37M Deal for Paramus Retail Center

A retail center on Route 17 South in Paramus has been sold for $36.8 million. Cushman & Wakefield facilitated the deal, representing the sellers, Acadia Realty Trust and Fortress Investment Group. The buyers, DRA Advisors and Crown Acquisitions affiliate First Mile, acquired the 153,494-square-foot property known as Paramus Plaza.

Seller's Transformation and Market Demand

Cushman & Wakefield's Frank DiTommaso highlighted the strong demand for high-performing retail properties. He praised the sellers for transforming the property into a Class A retail center with national tenants. The new owners are eager to enter the robust retail submarket of Paramus, benefiting from the area's density, affluence, and proximity to New York City.

Cushman & Wakefield Team and Financing

The Cushman & Wakefield team, including Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman, and retail capital markets head Mark Gilbert, handled the transaction. Brad Domenico of Progress Capital arranged acquisition financing with Bank United for the buyers.

Previous Transactions and Property Features

First Mile and DRA Advisors were also involved in the 2023 sale of a Class A office building near Paramus Plaza, which sold for $58 million. Paramus Plaza is fully leased to national tenants like Hobby Lobby, Marshalls, Ashley, Sketchers, and Chipotle. The property enjoys high traffic and a high average household income within a three-mile radius, contributing to its status as a top retail market in the U.S., generating over $5 billion in annual sales.