PARAMUS, NJ-Paramus Realty Investments has sold a 15,000-square-foot retail property at 154 Route 4 North occupied by Guitar Center to a private buyer for $4.5 million, says CBRE, which represented both parties.
Guitar Center’s lease expires in mid-2017. The property was never officially on the market, explains Seth Pollack, first vp of CBRE’s New Jersey Private Capital Group. Pollack began marketing the property in May.
“It was a pocket listing I was offering to investors I thought would have an interest in it,” Pollack tells GlobeSt.com.
The new owner, a local private entity with a portfolio made up of a variety of investment properties, intends to hold the site for investment purposes with an eye on potential redevelopment in the future. As much as 3,000 square feet can be added to the property, Pollack says.
Situated close to one of the largest malls on the East Coast, Westfield Garden State Plaza, the property also is located an exceptionally affluent market, encouraging investment.
“The market is strong, yet cautious, with many investors looking to invest but also risk averse,” Pollack says. Yet retail “has never been out of favor in Bergen County. It was just difficult to come by deals that made economic sense in the environment we are still passing through.”
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