CBRE announced that it has arranged for the sale of a 41,988 sq. ft. Trader Joe’s and HomeSense center located at 404 Route 17 North in Paramus, New Jersey. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, The Hampshire Companies, LLC, in the sale and also procured the buyer, a public REIT, who acquired the property for $8.4 million.

404 Route 17 North is 100 percent leased to Trader Joe’s and HomeSense (a division of the TJX Companies), providing long-term income with no rollover until 2029. The center is located on one of the region’s most prestigious and heavily traveled (144,000+ cars per day) retail corridors, which draws from a wide trade area and includes over 11 million sq. ft. of retail within the submarket. The incredible demographics surrounding the center are highlighted by over 118,000 residents within three miles and average household incomes over $148,000.

Mr. Dunne commented, “The property provided a unique opportunity to purchase a grocery-anchored center in one of the densest and most renowned retail markets in the country. The center’s irreplaceable location and strong tenancy will provide stable cash flow for years to come.”

CBRE’s Metro N.Y. National Retail Partners team has several attractive investment opportunities currently available including: 200 Greenwich Avenue, a trophy, mixed-use property anchored by Saks Fifth Avenue in Greenwich, CT.; 99 Route 17 North, a long-term Home Depot center in Lodi, NJ; a long-term CVS on the prestigious Greenwich Avenue in Greenwich, CT.; and Ansonia Landing, a 91,447± sq. ft. Stop & Shop anchored center in Ansonia, CT.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.