Millburn Village at 2933 Vauxhall Road in Vauxhall — Courtesy: JLL
By Joshua Burd
The owner of a more than 71,000-square-foot shopping center in Millburn has closed on a $13.5 million refinancing loan for the property, brokers with JLL announced Wednesday.
According to a news release, Ameritas Investment Corp. provided the three-year, fixed-rate loan to Lightstone in connection with what’s known as Millburn Village. Proceeds will support the well-established, 71,177-square-foot complex at 2933 Vauxhall Road, which the borrower has owned since 2003, leveraging a trade area with more than 1.7 million residents with an average household income of $139,754 within a five-mile radius.
JLL Director Ryan Carroll and analysts Tyler Caricato and Caleb Henry led the team representing the borrower, noting that the property just off Interstate 78 has maintained consistently high occupancy over the past five years. Its anchors, Walgreens and Staples, have been tenants for 28 and 18 years, respectively, while the overall roster of 19 occupiers has a 21.2-year weighted average tenure.
“Millburn Village’s strategic location in one of Union County’s strongest retail corridors, combined with its exceptional occupancy history and premier sponsorship made this an attractive financing opportunity,” Carroll said. “This opportunity was well received by the lending community and allowed us to deliver attractive terms for our client. “
