A new ShopRite anchors the Springfield Avenue Marketplace in Newark. — File photo/Courtesy: Tucker Development
By Joshua Burd
An affiliate of Goldman Sachs and Madison Marquette have acquired one of Newark’s newest retail properties — a fully occupied, grocery-anchored shopping center on Springfield Avenue.
The joint venture announced that they had purchased Springfield Avenue Marketplace, a 112,000-square-foot property that is anchored by ShopRite. Originally built by Tucker Development Corp., the complex includes a mix of restaurant, retail and medical tenants and is part of a larger mixed-use project that also included new apartments.
Terms were not disclosed.
Goldman Sachs Asset Management Private Real Estate touted the center’s access to a dense consumer base in an urban area that is slated to grow in population, citing new multifamily construction and corporate expansions. Located at Springfield Avenue and Jones Street, the property is adjacent to five NJ Transit bus stops and just over a mile from Newark Penn Station.
“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” said Joseph Gorin, co-head of GSAM PRE. “We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”
Springfield Avenue Marketplace is GSAM PRE’s seventh retail investment and fourth acquisition in New Jersey over the past 18 months.
“Madison Marquette believes that Springfield Avenue Marketplace is well-positioned to serve the Newark community, and we look forward to working with our partner, GSAM PRE, to seek to meet the demand and needs from the surrounding community,” said David Brainerd, chief investment officer of Madison Marquette.