A New Jersey-based real estate investment company has acquired a Walmart-anchored shopping center in Springfield for $10.2 million.

Paramount Realty Services Inc. of Lakewood, New Jersey bought the 182,400-square-foot Springfield Commons, which is 98 percent leased to nine tenants, from Urban Edge Properties of Paramus, New Jersey on July 8.

Walmart recently completed a 30,000-square-foot expansion to accommodate a grocery section and garden center. The property at 1101-1105 Boston Road has a 5-mile population count of nearly 212,000 people with average household incomes of $64,500, according to Newmark Knight Frank.

Newmark Knight Frank’s Geoffrey Millerd, Justin Smith, Paul Penman and Samantha Torto represented the seller.

Paramount owns 10 million square feet of retail, medical office and mixed-use properties, according to the comapny’s website.

Walmart-Anchored Plaza Sold to New Jersey Investor

by Banker & Tradesman time to read: <1 min