$25M sale of the fully entitled multifamily development parcel at Bergen Town Center, in highly affluent Bergen County, New Jersey

MORRISTOWN, N.J., May. 16, 2025 –  JLL Capital Markets announced today that it has arranged the successful $25 million sale of Bergen 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 Properties. The buyer was a joint venture between Russo Development, LLC and KRE Group.

The project, located on Forest 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 totalling around 5,000 square feet.

Situated in affluent Bergen County, the site offers residents unparalleled access to Bergen Town Center, the premier 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 Managing Directors Steve Simonelli and Michael Oliver 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 attractive investment opportunity in today's market," said Cruz.

Robertson added, "We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail and other elements to remain competitive.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the supply constrained corridor between Washington D.C. and Boston. Urban Edge owns 74 properties totaling 17.3 million square feet of gross leasable area.  For further information, please visit https://www.uedge.com. 

Russo Development, a leading privately held developer in New Jersey, specializes in industrial, data center and multifamily properties known for their quality and meticulous planning. With over 50 years of experience, Russo has developed more than 7 million square feet of premier commercial space, delivered over 6,000 luxury apartment units, completed more than 60 industrial projects and are one of the largest owners of data center space in the New York metropolitan area.

Founded in 1979 and headquartered in Jersey City, KRE Group is one of a select few time-tested and family-run developers in New York, New Jersey, and Pennsylvania. For over four decades, KRE has been creating thoughtful spaces where people can truly feel at home. The KRE multi-family portfolio exceeds 9,000 existing residences, with an additional 7,000 in various stages of approval construction. The company also owns and manages more than 6,000,000 square feet of office, warehouse, and retail space. For more information, visit www.thekregroup.com.