JLL Capital Markets announced that it has arranged the $25 million sale of Bergen Town Center Land Site, a development of a 426-unit multifamily complex adjacent to Bergen Town Center in Paramus, strategically located along Route 4 in New Jersey. JLL worked on behalf of the seller, Urban Edge Properties. The buyer was a joint venture between Russo Development, LLC and KRE Group.
The project, located on Forest Avenue, will be developed in two phases: a 166-unit phase and a 260-unit phase. Each section will feature four floors of residential space over two or three levels of parking. The development will also include a Class A amenity package and two retail suites totaling around 5,000 square feet.
JLL’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson along with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“The combination of Russo’s and KRE Group’s development expertise and the site’s prime location makes this an attractive investment opportunity in today’s market,” said Cruz.
Robertson added, “We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail and other elements to remain competitive.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the supply constrained corridor between Washington D.C. and Boston. Urban Edge owns 74 properties totaling 17.3 million square feet of gross leasable area.
