Sparta Town Center at 5 and 8 Town Center Drive in Sparta — Courtesy: JLL
By Joshua Burd
The longtime owner of a nearly 90,000-square-foot shopping center in Sparta has secured $21.5 million in financing for the asset, according to a debt placement team with JLL.
Jersey Investors Growth Co. LP, an affiliate of Hekemian & Co. Inc., will use the loan proceeds to refinance the fully leased, Stop & Shop-anchored Sparta Town Center at 5 and 8 Town Center Drive. JLL represented the borrower in placing the 10-year, fixed-rate loan.
“JLL is pleased to assist the borrower in securing proceeds from Aegon Asset Management to replace the existing, maturing permanent loan,” JLL Senior Managing Director Thomas Didio said. “The shopping center is the premier retail asset in Sparta, and Aegon Asset Management did a nice job committing and closing the business.”
Didio brokered the transaction alongside Senior Director Thomas E. Didio Jr. and Analyst Salvatore Buzzerio. In a news release, they noted that the borrower has owned the 87,984-square-foot property for more than 20 years, adding that Stop & Shop is one of only two grocers in the area and is complemented by a mix of national and local tenants.
The property, which sits at the northwest intersection of Route 517 and Route 15, is less than a mile from downtown Sparta. JLL also cited the strong consumer base in Sussex County, which includes 31,413 residents with an average annual household income of $163,933 within a five-mile radius of the center.