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New York

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

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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]