Located at the intersection of State Highway 70 and Chambers Bridge Road, the shopping center is anchored by Bed Bath & Beyond, Best Buy and West Marine. It also includes a vacant former Fortunoff store.

"Despite the current disruption in the capital markets, we continue to acquire class A retail assets within the Tri-State area at below-market prices," says Maurice Zekaria, president of Paramount Realty, in a statement. "We have the capital available to close on acquisitions within 30 days of signing a contract."

Based in Lakewood, Paramount manages a portfolio of more than 3.5 million square feet in New Jersey, Pennsylvania and Connecticut. It acquired two other shopping centers so far in 2009: the 300,000-square-foot Charter Oak MarketPlace in Hartford, anchored by Wal-Mart, Marshalls and Rainbow, and the 260,000-square-foot Enfield Commons in Enfield, CT, which is anchored by a Mega Marshalls, Barnes 'N Noble and Old Navy.