Springfield Avenue Marketplace at 204-234 Springfield Ave. in Newark — Courtesy: JLL
By Joshua Burd
The new owner of a grocery-anchored shopping center in Newark has closed on more than $23 million in acquisition financing, in a newly announced deal by JLL.
The lender, Protective Life Corp., provided the five-year, fixed-rate debt to Medipower in connection with the 110,551-square-foot Springfield Avenue Marketplace. JLL senior managing directors Jim Cadranell and Jon Mikula and Analyst Christian Badalamenti sourced the $23.44 million in senior financing on the borrower’s behalf, noting that the complex at 204-234 Springfield Ave. is currently 96 percent leased with ShopRite as its anchor and a diverse tenant roster including national and credit retailers.
Built between 2015 and 2016, the center is also highly accessible to nearby companies and universities, while it’s just 1.3 miles from Newark Penn Station.
“Springfield Avenue Marketplace represents an excellent investment opportunity, showcasing the continued demand for grocery-anchored retail assets in densely populated urban markets,” Cadranell said. “The property’s strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base.”
Medipower purchased the complex as part of a deal announced earlier this month by CBRE, whose team of Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer represented Goldman Sachs Alternatives in the sale. JLL noted Tuesday that ShopRite, along with national tenants such as H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s and Popeyes, contribute to 87 percent of the property’s income and 91 percent of its gross leasable area.
“We were able to secure attractive financing terms that align with Medipower’s investment strategy for this high-performing retail center,” Mikula said. “The property’s strong tenant mix, anchored by a top-performing ShopRite, contributed significantly to lender interest in this transaction.”
CBRE: Goldman Sachs unit sells 111,000 sq. ft. Newark retail center for $38 million
