Veterans Square Town Center at 530-560 New York Ave. in Lyndhurst — Courtesy: JLL
By Joshua Burd
The Hampshire Cos. has secured a $32 million loan to refinance a fully leased, grocery-anchored retail center in Lyndhurst, under a newly completed transaction by JLL.
Brokers with the real estate services firm represented Hampshire in sourcing the 10-year, fixed-rate financing for Veterans Square Town Center, a 136,928-square-foot complex at 530-560 New York Ave. PGIM Real Estate Finance is providing the nonrecourse loan, which the landlord will use to refinance existing debt.
The JLL capital markets team of Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Connor Van Cleef led the team working Hampshire’s behalf.
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” Mikula said. “PGIM Real Estate Finance appreciated the strength of the ShopRite operator and the borrower’s deep experience in the retail space.”
Originally built in 2000, Veterans Square Town Center was expanded from its original 113,178-square-foot size in 2013, JLL said in a news release. The property is fully occupied by 13 tenants, including the ShopRite anchor along with HomeGoods, PetSmart, Supercuts and others, while benefiting from Bergen County’s strong demographics.
The debt team also noted that predecessor firm HFF, which JLL acquired on July 1, arranged the previous loan on the property.
“PGIM Real Estate Finance quickly recognized the exceptional demographics, long term tenancy and the incredible draw that ShopRite has on the center,” Klein said. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”