Paramus building home to Trader Joe’s, HomeSense trades for $8.4M

New York /
Apr.April 16, 2019 05:32 PM

A nearly 42,000-square-foot retail property in North Paramus that is home to a Trader Joe’s grocery store and HomeSense furniture store has been sold for $8.4 million to a public real estate investment trust, NJBIZ reported. CBRE negotiated the deal on behalf of the now former owner, Morristown-based real estate firm the Hampshire Companies, and procured the buyer. The building at 404 State Route 17 is fully leased to Trader Joe’s and HomeSense, the latter a discount furniture retailer owned by the TJX Companies. In a statement announcing the sale of the property, CBRE cited the surrounding area’s “prestigious and heavily traveled… retail corridors,” a notion that The Real Deal focused on in a cover story for its inaugural Tri-State issue examining how suburban retail landlords are seeking to subdivide former big box stores into successful spaces for new tenants. [NJBIZ]


Related Articles

arrow_forward_ios
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
(Getty)
Summer camps can reopen, but much remains unknown
Summer camps can reopen, but much remains unknown
Trump Plaza in Atlantic City (Getty)
Trump Plaza in Atlantic City is demolished
Trump Plaza in Atlantic City is demolished
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)
Condé Nast considers move to Gold Coast to save money
Condé Nast considers move to Gold Coast to save money
A rendering of Moorestown Mall (Courtesy of PREIT)
Apartments, hotel to be added to Moorestown Mall
Apartments, hotel to be added to Moorestown Mall
New Jersey State Senator Nicholas Scutari (Photos via Nick Scutari; iStock)
New Jersey votes to legalize recreational marijuana
New Jersey votes to legalize recreational marijuana
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)
Newark restricts businesses again to curb Covid spike
Newark restricts businesses again to curb Covid spike
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)
KABR sells New Jersey building for reported $60M
KABR sells New Jersey building for reported $60M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...