Blue Star Shopping Center at 1701 Route 22 in Watchung — Courtesy: G.S. Wilcox & Co.
By Joshua Burd
The owner of the Blue Star Shopping Center in Watchung has closed on a $26 million loan for the property’s ongoing redevelopment, in a deal arranged by G.S. Wilcox & Co.
In a news release, the mortgage banking firm said a life insurance company provided the full-term, interest-only financing with what it described as highly attractive terms. Proceeds will support the update of the 420,000-square-foot property on Route 22, which includes a newly opened, 72,000-square-foot ShopRite, its longtime anchor.
A second phase, which will transform the ShopRite’s former space to accommodate Burlington and the relocation of Marshalls within the center, is underway. Levin Management Corp. is the property’s longtime managing and leasing agent and is spearheading the redevelopment, which has helped attract new tenants such as Planet Fitness, KidStrong, Five Below and Taco Bell.
“We are pleased to have arranged this financing for our longstanding client and to once again deliver certainty of execution through one of our life insurance company relationships,” said G.S. Wilcox Principal David Fryer, who arranged the loan.
