20 — June 2025 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
Fully entitled Bergen Town Center parcel sells for $25M JLL brokers sale for Urban Edge to Russo/KRE JV
The Silverman Group breaks ground on rental community
ERGEN COUNTY, NJ — JLL Capital Markets has arranged the $25 million sale of Ber - gen Town Center Land Site, a development of a 426-unit multifamily complex adjacent to Bergen Town Center in Paramus, strategically located along Rte,. 4 in New Jersey. JLL worked on behalf of the seller, Urban Edge Proper - ties . The buyer was a joint ven - ture between Russo Develop - ment, LLC and KRE Group . The project, located on For - est 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 s/f. Situated in affluent Bergen County, the site offers resi - dents unparalleled access to Bergen Town Center, the pre - mier shopping destination in the area. The location boasts excellent connectivity via Rte- 4, the Garden State Parkway and I-80, attracting a dense population with an average household income of $140,915 within a three-mile radius. 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 B
The Estates at Short Hills
bedroom, 49 two-bedroom, and three three-bedroom resi - dences. Initial occupancy is slated for early 2027. The medical office component can be subdivided into two units, while the underground garage will provide dedicated floors for patient and staff parking. Residences at The Estates at Short Hills will be finished to a high standard, with gas burner stoves, shaker-style cabinetry, quartz countertops, and stainless steel appliances in each kitchen. Additional features include LED lighting, luxury vinyl plank flooring in living areas, plush bedroom carpeting, ceramic tile bath - rooms with quartz counter - tops, comfort-height toilets, and in-home washers and dryers. All homes will include individually metered utilities and a dedicated HVAC unit. Residents will enjoy a cu - rated amenity collection high - lighted by a rooftop terrace, outdoor courtyard, fitness cen - ter, resident lounge and game room, package and mail rooms, and garage bike storage. Short Hills is a census- designated place within Mill - burn Township. Millburn is home to a thriving downtown, world-class shopping at The Mall at Short Hills, and cul - tural gems like the Paper Mill Playhouse. The South Moun - tain Reservation is located within the township and of - fers hiking trails, picnic areas, lakes and ponds, children’s playgrounds and a dog park, among many other forms of outdoor recreation. There are also sports fields, golf courses, country clubs, the Turtle Back Zoo, the Reeves-Reed Arboretum and downtown Summit, all located within a five-to-ten-minute drive from the township. The Estates at Short Hills is located 25 miles from Man - hattan, 12 miles from both Newark Liberty Interna - tional Airport and downtown Morristown. MAREJ
SHORT HILLS, NJ – The Silverman Group , a nation - ally recognized real estate owner, investor, developer, and manager based in Bask - ing Ridge, NJ, announced that construction is underway on a boutique 62-unit luxury rental community near the Short Hills train station. Named The Estates at Short Hills, the community will de - liver a sophisticated new resi - dential option to the historic, tree-lined streets of Short Hills, one of NJ’s most desirable neighborhoods. The Estates will feature thoughtfully crafted residences, refined finishes, and a robust amenity offering. The design also incorporates over 10,000 s/f of street-level medi - cal office space and a 192-space parking garage. Ideally situated at 85 Wood - land Rd., The Estates at Short Hills places residents at the intersection of convenience and natural beauty — just steps from shops, restaurants, and mass transit to Manhattan, and directly adjacent to the Cora Hartshorn Arboretum and Bird Sanctuary. The train station is just two-tenths of a mile away, offering direct NJ TRANSIT rail service to New York Penn Station in about 55 minutes. “Breaking ground on The Estates at Short Hills marks the start of a carefully con - sidered project in one of New Jersey’s most sought-after neighborhoods,” said Blake Silverman , president of The Silverman Group. “With such a premier location, we saw an opportunity to create a refined residential offering that contributes positively to the community’s fabric. Our design reflects the timeless charm and character of Short Hills while also delivering a new, boutique style of housing to the area.” Designed by Michels & Waldron Associates , with construction by Silver Line Development , the four-story building will feature 10 one-
Bergen Town Center Land Site
managing directors Steve Simonelli and Michael Oli - ver 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 attrac - tive investment opportunity in today’s market,” said Cruz. Robertson added, “We con - tinue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating mul - tifamily, retail and other ele - ments to remain competitive.” In further developments, JLL Capital Markets secured a $14.5 million refinancing for 500 W Main St., a 115,084 s/f multi-tenant industrial facility in Wyckoff. JLL worked on behalf of the borrower, The STRO Compa - nies , to secure the five-year, fixed-rate loan through City
National Bank (CNB) . Built in 1966, the shallow bay property features 21-foot clear heights, six dock doors, nine drive-in doors and 115 parking spaces. The facility is fully leased to 12 tenants across manufacturing, distri - bution and service industries. The property benefits from an advantageous location in Bergen County, New Jersey, featuring strong regional con - nectivity, infill dynamics, im - pressive market fundamentals and population density. Situ - ated in close proximity from NJ Rte. 208, I-287 and NJ Rte. 17, tenants have efficient access via the State’s extensive highway infrastructure. The JLL Capital Mar - kets team was led by senior managing director Michael Klein , senior director Max Custer and analyst Chris - tian Badalamenti . MAREJ
Girl Scouts Heart of New Jersey celebrates first Leadership Center in Newark, NJ
NEWARK, NJ — P ara- mount Assets hosted a ribbon cutting that signaled the open - ing of the new Girl Scouts Heart of New Jersey (GSHNJ) Leader - ship Center at its 375 McCarter Hwy. building in Newark. The Girl Scout Leadership Center – at 5,500 s/f – embodies GSHNJ’s commitment to in - vesting in the future of girls and the Newark-area community. This facility will serve as a hub for the region’s 13,000 current Girl Scouts and 9,000 adult vol - unteers, offering a wide range of programs and events. Newark’s Girl Scout mem - bership has surged by more than 750% since 2018 and now includes more than 1,100 registered members, reflecting the impact of intentional in - vestment in girl-led leadership
Girl Scouts Heart of New Jersey leadership, Paramount Assets, and community leaders cut the ribbon to the new Girl Scouts Leadership Center, in Newark. Located at Paramount’s 375 McCarter Hwy. building.
and accessible programming. While located in the heart of Newark, the center serves the broader Girl Scouts Heart of New Jersey council, spanning
seven counties. The Girl Scouts’ facility fea - tures substantial program, administrative, storage, and street-access retail space. MAREJ
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