Cushman & Wakefield arranged the sale of Paramus Plaza, a 153,494-square-foot retail center located at 545 NJ-17 South in Paramus, NJ. The final sale price was $36.8 million.

The Cushman & Wakefield Tri-State Capital Markets team of Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin and Max Helfman partnered with the firm’s head of retail capital markets, Mark Gilbert, to represent the seller, a partnership of Acadia Realty Trust and Fortress Investment Group, in the transaction. The buyers were DRA Advisors and First Mile, an affiliate of Crown Acquisitions. Brad Domenico arranged the acquisition financing with Bank United on behalf of the buyers.

“The sale of Paramus Plaza underscores the continued investment demand for well-located, high-performing retail assets,” said DiTommaso. “The Acadia-Fortress partnership did an excellent job transforming the original commercial property into a Class A retail center with national tenants and new ownership is excited to have entered one of the strongest retail submarkets in New Jersey.”

Paramus Plaza was delivered 100% leased to national tenants including Hobby Lobby, Marshalls, Ashley, Sketchers and a Chipotle drive-thru pad site. Located in Bergen County, Paramus Plaza benefits from high traffic counts and a high average household income of $206,448 within a three-mile radius.