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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