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Bergen Town Center, Paramus

SOLD

Bluestone Lane Leases Retail Space At Bergen Town Center In Paramus

Bergen Town Center, Paramus

Building Size

Asset Type

Closing

Jun 19, 2023

AI

Australian coffee shop chain, Bluestone Lane, is set to open its third New Jersey location at Bergen Town Center in Paramus. This retail property is owned by Urban Edge Properties and the lease deal was completed with the help of brokers Taryn Brandes, Emily Green, and Alexandra Yanoff from Brand Urban LLC representing the landlord. Bluestone Lane was represented by brokers Daniel Bodner from Alvarez & Marsal Property Solutions and Daniel Zappala from RIPCO Real Estate. The property is located at Route 4 East & Forest Avenue and spans an area of 2,400 square feet.

Summary of transation details

  • Property Type: Retail
  • Asking Rent: $30/ft.
  • Square Footage: 2,400
  • Address: Route 4 East & Forest Avenue
  • Market: Paramus
  • Landlord: Urban Edge Properties - Josh Birns
  • Tenant: Bluestone Lane - Nick Stone

This lease agreement marks an expansion for Bluestone Lane in New Jersey and is part of Urban Edge Properties' ongoing efforts to improve Bergen Town Center. The shopping center recently underwent a successful refinancing earlier this year.

Players

Urban Edge Properties
Urban Edge PropertiesLandlord

Nick Stone

Bluestone Lane

Tenant

$4.1M

vol

3 deals

Tenant

Paramus CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93