CBRE’S NJ PRIVATE CAPITAL GROUP FACILITATES SALE OF RETAIL SITE IN BERGEN COUNTY LOCATION
SADDLE BROOK, N.J. (Jan. 16, 2012) – CBRE, New Jersey’s largest commercial real estate brokerage firm, announced today that the firm represented the seller, Paramus Realty Investments, LLC and procured the buyer in the sale of a 15,000-sq.-ft. retail property located at 154 Route 4 North in Paramus, N.J. The sale price for the site, which is fully occupied by a Guitar Center location with a lease that expires in mid-2017, was $4.5 million.
The buyer, 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. The New Jersey Private Capital Group’s First Vice President Seth Pollack served as the in-house representative.
“This property provided a tremendous investment opportunity because it is located along one of the most highly-coveted and trafficked retail corridors in the state and has a nationally known, growing retailer in place,” said Mr. Pollack. “Due to CBRE’s leadership in this marketplace, we were able to connect the right buyer and seller to complete this transaction.”
The site benefits from a location close to the largest mall in the area, Garden State Plaza, and is within a few miles of other major retail destinations. It is surrounded by highly populated communities with higher than average property values and concentrations of wealth.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.