PARAMUS, N.J. — Urban Edge Properties, a publicly traded REIT, has sold a land site to Russo Development and KRE Group for $25 million. JLL Capital Markets arranged the transaction. The parcel is adjacent to Bergen Town Center in Paramus. The new community will be developed in two phases. The first phase includes 166 units. The second will include 260 units. In each phase, developers will deliver four floors of residential space over two or three levels of parking. The development will also include an amenity package and two retail suites totaling around 5,000 square feet. Neither a project timeline nor a community name was disclosed.
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.