Vernon Valley Plaza at 530 Route 515 in Vernon Township — Courtesy: Marcus & Millichap Capital Corporation
By Joshua Burd
An investor has secured a $13.3 million acquisition loan for a grocery-anchored shopping center in Sussex County, in a deal arranged by Marcus & Millichap.
According to the brokerage team, an undisclosed lender provided the debt in connection with Vernon Valley Plaza, a 93,029-square-foot property at 530 Route 515 in Vernon Township. Joseph Belgiovine of Marcus & Millichap Capital Corp. represented the borrower in sourcing the five-year loan with a fixed 5.3 percent interest rate and 30-year amortization.
He noted that the transaction had a 70 percent loan-to-value ratio.
“Lenders recognize the intrinsic value of a grocery-anchored shopping center,” said Belgiovine, a first vice president based in the firm’s Saddle Brook office. “Despite current market volatility, we secured various financing options for our client to consider and he ultimately selected an aggressive option which yielded a greater than expected rate of return.”
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz, investment specialists based in New Jersey, represented Sussex RWP LLC in its sale of the Acme-anchored property. They also procured the buyer, a local investor listed as Vernon Valley Plaza LLC,.
“It’s rare to find grocery-anchored retail hit the market in New Jersey,” said Alan Cafiero, a senior managing director for investments. “The property attracted a significant amount of interest from a wide array of buyers.”
