A joint venture partnership of Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has acquired Paramus Park South in Paramus, N.J. Paramus Park South is a 181,150 square foot shopping center anchored by a 100,223-square-foot Stew Leonard’s Supermarket and a 21,934-square-foot Atlantic Health Systems.
The center is located 23 miles northwest of New York City on a 14-acre site with access from NJ Route 17 and bordering the Garden State Parkway. The center is attached and has direct access to the neighboring Paramus Park Mall, tenanted with over 60 retailers including Macy’s, L.L. Bean, Old Navy, Uniqlo, Ulta Beauty and Sephora. Paramus Park South is currently 67% occupied and has approximately 59,000 square feet of upper level space available.
Acquiring Paramus Park South was an opportunity to add a fantastic location to our portfolio that is in our backyard,” said Robert Heidenberg, president and CEO of Heidenberg Properties. “Not only do we acquire a shopping center in one of the best retail markets in the United States, we added another dominant grocer in Stew Leonard’s as well as the ability to add value through strategic lease up of the upper level. We look forward to the continued evolution of Paramus Park South by adding dynamic uses and solidifying Paramus Park South as a compelling draw in the market.”
Heidenberg Properties, Norse Realty Group and the principals of DAG Paramus have acquired five properties together over the past 12 years while this is first transaction with Red Starr Investments. Capital advisers Ackman-Ziff arranged the joint venture and financing while CBRE’s National Retail Partners served as the broker in the transaction.
