Updated Sep 10, 2026
Robert Heidenberg, Jared Starr, Will Rukin, Michael Levine Acquires Paramus Park South Shopping Center
700 Paramus Park
Building Size
181,150 SF
Asset Type
Retail
Closing
May 20, 2025
About this deal
AI
A joint venture of Heidenberg Properties, Red Starr Investments, Norse Realty Group, and DAG Paramus acquired a retail asset located at 700 & 3025 Paramus Park in Paramus, New Jersey. The shopping center spans 181,150 square feet and includes a major tenant, a 100,223 square foot Stew Leonard’s. At the time of sale, the property was 67% leased.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 700 & 3025 Paramus Park
- Market: Paramus
- Square Footage: 181,150
- Buyer: Robert Heidenberg - Heidenberg Properties Group; Jared Starr & Will Rukin - Red Starr Investments; Michael Levine - Norse Realty Group; DAG Paramus
- Broker: CBRE
- Mortgage Broker: Ackman-Ziff Real Estate Group
The deal was brokered by CBRE, and financing was arranged by Ackman-Ziff Real Estate Group. The joint venture demonstrates a collaborative effort among multiple stakeholders in the acquisition of the shopping center.
Players
Paramus Retail Market Snapshot
Boundary boundary · Retail · 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