28 — May 2025 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment JV partnership includes Red Starr Investments, Norse Realty Group, and DAG Paramus Heidenberg expands retail portfolio with acquisition of Paramus, NJ shopping center
ARAMUS, NJ — A joint venture partner- ship between Heiden- berg Properties Group, Red Starr Investments, Norse Realty Group, and DAG Paramus announced the ac- quisition of the Paramus Park South in Paramus. Paramus Park South is a 181,150 s/f shopping center anchored by a 100,223 s/f Stew Leonard’s Supermarket and a 21,934 s/f Atlantic Health Systems. The shopping center is stra- tegically located 23 miles NW of NYC occupying a 14-acre site with access from NJ Rte. P
17 (137,800 vehicles per day) and bordering the Garden State Pkwy. (71,700 vehicles per day) in Paramus. Paramus is a retail mecca with the highest per capital retail spending in the country, including over $5 bil- lion in annual sales. Similar to Heidenberg Properties’ April ’24 acquisition of At Colonie Cen- ter, in Albany, NY, the Center is attached and has direct access to the neighboring Paramus Park Mall, tenanted with over 60 retailers including Macy’s, L.L. Bean, Old Navy, Uniqlo, Ulta Beauty, and Sephora. Paramus Park South is cur- rently 67% occupied and has 59,000 s/f of upper level space available which is ideal for experiential uses. Additionally, the upper level has the potential for highly visible signage and exposure from the neighboring Garden State Pkwy. Heiden- berg Properties’ business plan includes creating vertical access to and from the adjoining Para- mus Park Mall, creating further operational synergies between the two properties. Robert Heidenberg , presi- dent and CEO of Heidenberg Properties, said, “Acquiring Paramus Park South was an opportunity to add a fantastic location to our portfolio that is in our backyard. Not only do we acquire a shopping center in one of the best retail markets in the United States, we added an- other dominant grocer in Stew Leonard’s as well as the ability to add value through strategic lease up of the upper level. We look forward to the continued evolution of Paramus Park South by adding dynamic uses and solidifying Paramus Park South as a compelling draw in the market.” This acquisition caps a year in which Heidenberg Properties has acquired over $80 million of grocery-anchored shopping centers exceeding 525,000 s/f of retail, including the Whole Foods anchored At Colonie Center in Albany, NY and the Stop & Shop anchored Shops at Ledgebrook in Winsted, CT. Heidenberg Properties, Norse Realty Group and the principals of DAG Paramus have acquired five properties together over the past 12 years while this is first transaction with Red Starr Investments. Capital advisers Ackman-Ziff arranged the joint venture and financing while CBRE ’s National Retail Partners served as the broker in the transaction. MAREJ
Stew Leonard’s Supermarket in Paramus, NJ
HEIDENBERG PROPERTIES GROUP
We can’t wait for our properties to grow!
Heidenberg Properties doesn’t wait for opportunity to come knocking, we actively seek it out. Over the last 12 months, Heidenberg Properties has acquired over $80 Million of grocery-anchored shopping centers exceeding 525,000 square feet of retail.
~ These Dominant Centers Include ~
At Colonie Center, Albany, NY The Shops at Ledgebrook, Winsted, CT Paramus Park South, Paramus, NJ
#LetsGo!
www.heidenbergproperties.com
234 Closter Dock Road, Closter, NJ
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