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.