The Bergen Town Center Land Site, a development of a 426-unit multifamily complex adjacent to Bergen Town Center in Paramus, has sold for $25 million, according to a recent announcement from JLL Capital Markets.
JLL worked on behalf of the seller, Urban Edge Properties. The buyer was a joint venture between Russo Development, LLC and KRE Group.
Strategically located along Route 4, the project, located on Forest Ave., 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.
The site offers residents unparalleled access to Bergen Town Center. The location boasts excellent connectivity via Rte-4, the Garden State Parkway and I-80.
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,” Cruz said.
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.”
