Springfield Avenue Marketplace at 204-234 Springfield Ave. in Newark— Courtesy: CBRE
By Joshua Burd
An affiliate of Goldman Sachs has sold a well-known, grocery-anchored retail property in Newark for $37.5 million, brokers with CBRE announced Tuesday.
According to a news release, Medipower purchased the 110,551-square-foot Springfield Avenue Marketplace, which is 97 percent leased with a busy ShopRite as its main tenant. CBRE’s Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer represented Goldman Sachs Alternatives in the sale and procured the buyer, a publicly traded company on the Tel Aviv Stock Exchange.
“The center’s attractive rent roll, highlighted by a high-volume ShopRite and long-term leases, provides stable income,” said Dunne, a vice chairman with CBRE. “This was a unique opportunity to acquire a northern New Jersey center approximately 20 minutes outside Manhattan.”
The brokerage team noted that the property, part of a densely populated and high-barrier-to-entry market, fronts directly on Springfield Avenue and benefits from signalized access. More than 1.3 million residents live within the trade area, which extends to Jersey City and Hoboken, while the center’s tenants also include national and ecommerce-resistant retailers such as McDonald’s, Taco Bell, Popeyes and T-Mobile.
Springfield Avenue Marketplace opened in 2016. Originally built by Tucker Development Corp., the complex is part of a larger mixed-use redevelopment project that also included new apartments.
“We continue to see strong demand in Metro NY for properties like Springfield Avenue Marketplace, which provide predictable cash flow in growing markets,” said Gavin, a senior vice president with CBRE.
Joint venture acquires Springfield Avenue shopping center in Newark
