PARAMUS, NJ—The partnership of Advance Realty and Invesco Real Estate have acquired a 244,000-square-foot retail portfolio, composed of four properties on Route 17 in Paramus, NJ, including a PGA Tour Superstore and a P.C. Richard & Son electronics retail location.

"Paramus is among the most desirable retail corridors in the United States, with extremely favorable supply and demand characteristics and an estimated $5 billion in retail sales annually," says Peter J. Cocoziello, president and chief executive officer of Advance Realty. "The portfolio affords our partnership durable in-place cash flow with upside potential."

Three of the buildings are at 289-315 Route 17 South, while the fourth is at 60 Route 17 North. Christopher M. Bellapianta, managing director and principal of Advance Realty, led the joint-venture partnership in the acquisition of the portfolio.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].