Warren Village Shopping Center at 62 Mountain Blvd. in Warren — Courtesy: HFF
By Joshua Burd
The owners of a grocery-anchored shopping center in Warren are refinancing the property for $17.5 million, in a transaction arranged by HFF.
Brokers in the firm’s New Jersey office worked on behalf of the borrowers, The Klein Group and Sterling Properties Group, to place the 10-year, fixed-rate loan with a life insurance company, HFF announced. The loan proceeds will be used to refinance existing debt at the 61,838-square-foot Warren Village Shopping Center, which HFF also arranged for the clients in 2006.
The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell.
“This was a very smooth closing with the lender and a great result for our clients,” Cadranell said in a prepared statement. “It was a pleasure working with everyone involved.”
Anchored by Kings Supermarket, the 99 percent leased property is located at 62 Mountain Blvd. It is home to national and local tenants, including Country Squire Restaurant, Peapack-Gladstone Bank, Massage Envy, European Wax Center, Starbucks and others.
Warren Village Shopping Center is at the intersection of two main roadways, Mountain Boulevard and Mount Bethel Road, HFF said in a news release. The complex is also two miles from Route 22 and three miles from Interstate 78, providing access to the New Jersey Turnpike and the Garden State Parkway.
