Convery Plaza at 365 Convery Blvd. in Perth Amboy — Courtesy: CBRE
By Joshua Burd
The owner of a grocery-anchored retail center in Perth Amboy has secured more than $18.4 million in financing for the property, brokers with CBRE announced Monday.
According to a news release, Nationwide provided the loan in connection with the 91,280-square-foot Convery Plaza at 365 Convery Blvd. CBRE’s Richard Henry, Mike Ryan, Blake Cohen and JP Cordeiro sourced the $18.42 million transaction on behalf of the borrower, Sterling Organization, noting that the complex is fully occupied by 15 tenants with a weighted average lease term of 6.1 years.
The brokerage team added that Convery Plaza, which sits on 8.9 acres at the intersection of Convery Boulevard and Fayette Street, has frontage along three thoroughfares with combined traffic counts exceeding 43,000 vehicles per day. ShopRite has anchored the center since 2012 and occupies 60,665 square feet, while the property includes an outparcel building completed in 2022 housing Dunkin’ and MetroDoc Urgent Care.
CBRE also said Convery Plaza is the only major grocery-anchored center south of Route 440, drawing from a trade area of more than 121,900 residents within a three-mile radius.
“Grocery-anchored retail in infill locations like Perth Amboy draws strong lender interest,” said Henry, part of a team based in CBRE’s Atlanta office. “ShopRite’s performance here gave lenders a clear picture of the demand driving this asset, and Nationwide was the right partner to structure a loan that reflects the property’s long-term stability.”
