DRA Advisors And First Mile Properties Acquire Paramus Retail Center For $36.8 Million

Paramus Plaza, located at 545 Route 17, is a retail center comprising 153,494 square feet. The property was sold for $36.8 million, equating to a price per square foot of $240 in the affluent Paramus market.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $36,800,000
• Address: 545 Route 17, Paramus
• Buyer: David Luski - DRA Advisors & First Mile Properties, an affiliate of Crown Acquisitions
• Seller: Kenneth F. Bernstein - Acadia Realty Trust; Drew McKnight & Joshua Pack - Fortress Investment Group
• Brokers: Andrew Merin, David Bernhaut, Frank DiTommaso, Gary Gabriel, Mark Gilbert & Max Helfman - Cushman & Wakefield
• Lender: BankUnited
• Mortgage Broker: Brad Domenico - Progress Capital
• Note: The property was fully leased and features national tenants like Hobby Lobby and Marshalls.

The sale involved several key players, including the buyer David Luski, who represents DRA Advisors and First Mile Properties. The seller group is comprised of Kenneth F. Bernstein from Acadia Realty Trust along with Drew McKnight and Joshua Pack from Fortress Investment Group. The transaction was facilitated by brokers from Cushman & Wakefield, highlighting their role in representing the seller.