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Deals & Dealmakers

Invesco, Advance Realty gets approval for Paramus Crossroads mall project

The partnership of Advance Realty and Invesco Real Estate has received approval from the Borough of Paramus to move forward with its plan to redevelop a portion of Bergen County’s Route 17 retail corridor with the creation of a shopping and dining destination known as Paramus Crossroads.

Advance will demolish an office building at 289-315 Route 17 South, making way for the development of a new 40,000 s/f modern retail facility featuring spaces ranging from 1,500  to as large as 20,000 s/f.

The new building will complement the site’s two existing buildings — occupied by PGA Tour Superstore and P.C. Richard & Son, respectively — to create a retail environment conducive to the modern shopper.

The partnership will fill the new building with a mix of dining options and specialty retailers not currently found in the immediate area. Restaurants will be able to take advantage of outdoor seating.

Located at the highly-trafficked intersection of Route 17 and the Garden State Parkway, Paramus Crossroads is in the heart of one of the most prominent shopping destinations in the United States.

Demolition will begin summer 2017 with delivery scheduled for summer 2018.

“Since acquiring 289-315 Route 17 South, which is situated in one of the most desirable retail corridors in the United States, Advance and Invesco Real Estate have had a shared vision for how we could enhance the shopping experience,” said Peter J. Cocoziello, Advance Realty’s founder and chief executive officer.

“We’re extremely excited to receive the approvals from the Borough of Paramus, and we look forward to bringing exciting new shopping and dining options to an area.”

Advance and Invesco Real Estate have tapped Jamie Sackeim and Vicki Ezra of The Dartmouth Company to serve as exclusive leasing agents for Paramus Crossroads.

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