Newmark announces the$23.95 million sale of the Route 17 Gateway Parcel, a 15.78-acredevelopmentsite located in Paramus, New Jersey. Newmark Executive Managing Director Kevin Welsh, Managing Director Dean Tselepis and DirectorJason Emrani represented the seller, Stop & Shop, and procured the buyer, The STRO Companies. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerdand Managing DirectorsMathew Adler,Jonathan MartinandPaul Penman provided additional support for the transaction; Senior Financial Analyst Casey O’Brien provided financial analysis support.
Under the seller’s ownership, the Route 17 Gateway Parcel received approval for the construction of a new 83,000-square-foot shopping center that was anticipated to include a grocery store, medical uses and restaurant outparcels.
“The Gateway Parcel is an outstanding development opportunity with excellent frontage along Route 17 and located in the heart of the very affluent and densely-populated Bergen County,” said Penman. “The parcel offers multiple paths to value given its location in one of the strongest retail, residential and medical markets in New Jersey. Its desirability was reflected in the high level of investor and developer interest in the offering.”
Situated 20 miles northwest of Manhattan, Paramus is one of the most affluent communities in metropolitan New York. The Route 17 Gateway Parcel benefits from a highly-visible location with significant frontage along Route 17, a dominant retail corridor with an average daily traffic count in excess of 100,000 vehicles. The buyer has not indicated its plans for the site.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.To learn more, visit nmrk.com or follow @newmark.
