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Paramus, New Jersey – April 30, 2025 – A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group, and DAG Paramus announces the acquisition of the Paramus Park South in Paramus, New Jersey. Paramus Park South is a 181,150 square foot shopping center anchored by a 100,223 square foot Stew Leonard’s Supermarket and a 21,934 square foot Atlantic Health Systems (S&P: AA-).

The Shopping Center is strategically located 23 miles northwest of New York City occupying a 14-acre site with access from NJ Route 17 (137,800 vehicles per day) and bordering the Garden State Parkway (71,700 vehicles per day) in Paramus, NJ. Paramus is a retail mecca with the highest per capital retail spending in the country, including over $5 billion in annual sales. Similar to Heidenberg Properties’ April ’24 acquisition of At Colonie Center, 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, New Jersey is known universally as a compelling retail destination and is home to three major malls and two highway corridors lined with hundreds of national, regional and local retailers. In addition to the Paramus Park Mall, Westfield’s upscale 2.1 million square foot Garden State Plaza is 3 miles south of the Center at the intersection of Route 17 and Route 4. Garden State Plaza is one of the nation’s largest malls, drawing shoppers from throughout the tri-state area and is anchored by Macy’s Nordstrom, Neiman Marcus, and AMC Theatres. Additionally, Bergen Town Center also on Route 4 underwent a $50 million renovation in 2020 and is anchored by Target, Whole Foods, Best Buy, Burlington, Nordstrom Rack, Saks Off Fifth, Lowe’s, Marshall’s, HomeGoods, and Kohl’s. Paramus’ affluent trade area includes near 422,00 residents with average incomes surpassing $150,000 annually. New residential developments that are both approved and under construction in the Route 4 and Route 17 corridors will further drive foot traffic to the property.

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Paramus Park South is currently 67% occupied and has approximately 59,000 square feet 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 Parkway. Heidenberg Properties’ business plan includes creating vertical access to and from the adjoining Paramus Park Mall, creating further operational synergies between the two properties. Paramus Park South has approximately 59,000 square feet of upper level space available which is ideal for experiential uses and has the potential for highly visibly signage and exposure from the neighboring Garden State Parkway. Heidenberg Properties’ business plan includes creating vertical access to and from the adjoining Paramus Park Mall, creating further operational synergies between the two properties.

Robert Heidenberg, President and CEO of Heidenberg Properties, stated, “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 another 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 square feet of retail, including the Whole Foods anchored At Colonie Center in Albany, New York and the Stop & Shop anchored Shops at Ledgebrook in Winsted, Connecticut. 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.

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About Heidenberg Properties
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities. To learn more, visit www.heidenbergproperties.com.

About Red Starr Investments
Red Starr Investments is a New York-based, real estate investment and operating platform that invests in all real estate asset classes throughout the United States. Red Starr invests through a series of funds targeting a mix of high-yield senior bridge loans, mezzanine loans, preferred equity, joint venture equity, distressed debt, and entity level investments. The Red Starr team is comprised of professionals in New York and New Jersey that provide in-house acquisitions, asset management, construction, sales, financing, and property management expertise to all Red Starr projects

About Norse Realty Group
Norse Realty Group is a real estate investment and development firm based in Lake Success, NY. The company specializes in the acquisition, development, and management of commercial real estate across New York, New Jersey, Connecticut and Pennsylvania. To learn more, visit www.norserealtygroup.com.

About DAG Paramus, LLC
Over the past 30 years, DAG Paramus principals have been involved in the acquisition, development, leasing and ownership of retail, industrial and multi-family units. In addition, they have acquired mezzanine debt and distressed debt positions.

Company Contact:
The Breton Group
914-285-1200

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