Advance Realty and Invesco Real Estate Approved to Develop Paramus Crossroads, New Jersey’s Newest Shopping and Dining Destination
A new 40,000-SF, state-of-the-art retail facility with outdoor seating will enhance Route 17 retail experience
The partnership of Advance Realty and Invesco Real Estate, a global real estate investment manager, today announced it has received approval from the Borough of Paramus to move forward with its plan to redevelop a portion of Bergen County’s Route 17 retail corridor with the creation of a dynamic shopping and dining destination known as Paramus Crossroads.
Advance will demolish an antiquated office building at 289-315 Route 17 South, making way for the development of a new 40,000-square-foot, modern retail facility featuring spaces ranging from 1,500 square feet to as large as 20,000 square feet. The new building will complement the site’s two existing buildings — occupied by PGA Tour Superstore and P.C. Richard & Son, respectively — to create a retail environment conducive to the modern shopper. The partnership will fill the new building with a diverse mix of dining options and specialty retailers not currently found in the immediate area. Restaurants will be able to take advantage of outdoor seating, creating an enjoyable and inviting atmosphere for diners.
Located at the highly-trafficked intersection of Route 17 and the Garden State Parkway, Paramus Crossroads is in the heart of one of the most prominent shopping destinations in the United States. Demolition will begin summer 2017 with delivery scheduled for summer 2018.
“Since acquiring 289-315 Route 17 South, which is situated in one of the most desirable retail corridors in the United States, Advance and Invesco Real Estate have had a shared vision for how we could enhance the shopping experience,” said Peter J. Cocoziello, Advance Realty’s founder and chief executive officer. “We’re extremely excited to receive the approvals from the Borough of Paramus, and we look forward to bringing exciting new shopping and dining options to an area.”
Paramus Crossroads provides retailers with excellent visibility at the center of a densely-populated market, with more than 120,000 residents in just a three-mile radius, and more than 1.4 million people within 10 miles. Paramus also lays claim to a daytime population of nearly 250,000 within just five miles of Paramus Crossroads, which is shadow-anchored by the Westfield Garden State Plaza — the third-largest mall in the New York Metropolitan Area.
The center will boast picturesque landscaping, bold architecture with facades, and signage visible from both sides of Route 17 and the Garden State Parkway. The development will feature direct right-in and right-out access on Route 17 South, and accessibility from Route 17 North via a convenient turn-around at Midland Avenue.
Advance and Invesco Real Estate have tapped Jamie Sackeim and Vicki Ezra of The Dartmouth Company to serve as exclusive leasing agents for Paramus Crossroads.
“Paramus Crossroads’ prime location, in the heart of one of the most prominent shopping destinations in the country, offers tenants excellent visibility along a thoroughfare that’s utilized daily by residents, commuters, and shoppers alike, given the borough’s prime access to four major malls and several major arteries to New York City,” Sackeim said. “Tenants also benefit from the fact that nearly a million people live in Bergen County, which boasts one of the highest average household income levels in the United States at $112,745 – good for 16th in the entire nation.”
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $68 billion in real estate assets under management, 447 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc. which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $813 billion in assets under management and on-the-ground presence in 29 cities worldwide. Information as of December 31, 2016.