By Real Estate NJ
HFF has arranged a $31 million refinancing for Veterans Square, a 136,928-square-foot grocery-anchored retail center in Lyndhurst. HFF represented the borrower, The Hampshire Cos., in securing a fixed-rate loan from Nationwide Real Estate Investments.
The four-building retail complex at 530-560 New York Ave. was completed in 2000 and renovated in 2012, HFF said in a news release. The property is 97 percent leased and is home to 13 tenants, including ShopRite, Supercuts and PetSmart.
The property includes 710 parking spaces, of which 150 are licensed from NJ Transit, HFF said. It is walking distance from the Lyndhurst train station.
The HFF debt placement team representing the borrower was led by Senior Managing Director Jon Mikula and Director Michael Klein.
“Grocery-anchored shopping centers located in densely populated communities such as Lyndhurst are highly sought after by life insurance companies,” Klein said. “Nationwide was already intimately familiar with the asset, so they were easily able to close within a short closing window.”