Roxbury Mall at 275-281 Route 10 in Succasunna — Courtesy: JLL
By Joshua Burd
The owner of the 700,0000-square-foot, grocery-anchored Roxbury Mall in Morris County has refinanced the property, according to a debt placement team with JLL.
Brokers say an undisclosed life insurance company provided a 10-year, fixed-rate loan for the property in the Succasunna section of Roxbury, at 275-281 Route 10. JLL senior managing directors Jon Mikula and Jim Cadranell and Associate Ryan Carroll represented the borrower, Roxville Associates, in sourcing the financing.
Terms were not disclosed.
“Necessity retail continues to be in favor in the debt market,” Mikula said. “Roxville Associates and its managing agent, Fidelity Management LLC, have created a one-stop shop experience in the region.”
Located a half-mile from Route 46 and two miles from Interstate 80, Roxbury Mall is home to a ShopRite that has been operating at the center since 1974, according to a news release. It also houses a roster of other national and local tenants, including Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera, a U.S. Post Office and Planet Fitness.
Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building, JLL said. Surrounding the property are affluent residential neighborhoods comprised predominantly of single-family homes, with 35,000 residents within three miles of the property and an average household income of approximately $140,000.