3025 Paramus Park Paramus, NJ 07652
- Retail properties
- 181,150 SF
- 14.00 lot acres
Current Use by Public Records
- Atlantic Health System Paramus Pavilion / Medical Office
- Colin Harris, MD / Surgical Center / Doctor
- Brian Petronaci, PA / Surgical Center / Physician Assistant
- Colin Harris, M.D. / Orthopedic Surgeon
- Atlantic Medical Group Orthopedics at Paramus / Surgical Center
Property Details for 3025 Paramus Park
- Year built
- 1974
- Lot size
- 14.00 lot acres
- Property size
- 181,150 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a 181,150 square foot retail property in Paramus, NJ, strategically located near major highways (NJ Route 17 and Garden State Parkway) with high traffic counts. The property boasts a strong multi-tenant occupancy of 67.4%, anchored by a Stew Leonard's grocery store and an Atlantic Health Systems facility. Stew Leonard's operates under a long-term lease (25-year lease commenced September 2019, with significant future rent increases), while Atlantic Health Systems occupies the space under a 15-year lease (commenced June 2021) guaranteed by AHS Hospital Corp. (rated "AA-" by Standard & Poor's). Both tenants have highly specialized build-outs crucial to their operations. Stew Leonard's features corporate offices, test kitchens, and employee amenities on the second floor. Atlantic Health Systems provides imaging, physical therapy, urgent care, and orthopedics, with plans for outpatient surgery. The property sits on a 14-acre lot with 894 parking spaces and offers significant upside potential through the lease-up of approximately 58,993 square feet of available second-floor space. The property benefits from its location within Paramus Park Mall, a 765,000 square foot shopping center with over 100 retailers, and serves a dense, affluent trade area with a high per capita retail spending rate. Built in 1974, the property underwent renovations in 2019 and 2020. The current Net Operating Income (NOI) is $2,623,869. This presents a compelling investment opportunity with strong existing tenants and substantial growth potential in a prime retail location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Paramus
- County
- Bergen
- State
- New Jersey
- Longitude
- -74.069
- Latitude
- 40.9547
