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61 South Paramus Road
SOLD

First Mile Properties Acquires 287K SF Office Building In Paramus For $56M

61 South Paramus Road

Office
287,392 SF
clock iconSold 193 days ago
Seth Zuidema
Gary Gabriel
Frank DiTommaso
+ 3
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Summary

Sale
NEW JERSEY
Office
287,392 sqft

First Mile Properties, affiliated with Crown Acquisitions, has purchased a 287,392-square-foot office building in Paramus, N.J., for $56 million from DRA Advisors and Onyx. The property, located at 61 South Paramus Road, was previously acquired as a leasehold interest from Mack-Cali Realty Corp. The office building includes financial services tenants such as Morgan Stanley and Liberty Mutual. The acquisition was facilitated by a $33.6 million loan from Société Générale.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $56,000,000
  • Square Footage: 287,392
  • Address: 61 South Paramus Road
  • Market: Paramus

The buyer, First Mile Properties, is affiliated with Crown Acquisitions. The seller was a joint effort between David Luski from DRA Advisors and Jonathan B. Schultz from Onyx. The brokers involved in the deal were David Bernhaut, Frank DiTommaso, Gary Gabriel, and Seth Zuidema from Cushman & Wakefield. The lender for the transaction was Société Générale, with Brad Domenico from Progress Capital acting as the mortgage broker.

Players

  • All

    8

  • Agents

    5

  • Agencies

    2

  • Lenders

    1

Seth Zuidema's profile picture
Seth Zuidema
Cushman & Wakefield-image
Senior Analyst
$656.1M Sold
Gary Gabriel's profile picture
Frank DiTommaso's profile picture
Brad Domenico's profile picture

Details

Deal Summary
minus icon
SOLD
IMAGE: David Luski, Jonathan B. Schultz, David Bernhaut, Frank DiTommaso, Gary Gabriel, Seth Zuidema & Brad Domenico DATE: 01/02/2024 ADDRESS: 61 South Paramus Road MARKET: Paramus ASSET TYPE: Office BUYER: First Mile Properties SELLER: David Luski - DRA Advisors; Jonathan B. Schultz (@StreetSchultz) - Onyx BROKERS: David Bernhaut, Frank DiTommaso, Gary Gabriel & Seth Zuidema (@ScZuidema) - Cushman & Wakefield (@CushWake) LENDER: Société Générale (@SocieteGenerale) MORTGAGE BROKERS: Brad Domenico (@Domenico317) - Progress Capital (@Progress.Capital) SALE PRICE: $56,000,000 SF: 287,392 ~ PPSF: $195 NOTE: First Mile Properties, affiliated with Crown Acquisitions, has purchased a 287,392-square-foot office building in Paramus, N.J., for $56 million from DRA Advisors and Onyx. Located at 61 South Paramus Road, the property, previously acquired as a leasehold interest from Mack-Cali Realty Corp., includes financial services tenants like Morgan Stanley and Liberty Mutual, and the acquisition was facilitated by a $33.6 million loan from Société Générale.

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Address61 South Paramus Road

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