Stafford Park at 215 Stafford Park Blvd. in Stafford Township — Courtesy: JLL
By Joshua Burd
The Walters Group has refinanced a nearly 141,000-square-foot shopping center in Ocean County for $20.5 million, in a newly announced transaction by JLL.
According to a news release, an investment manager provided the five-year, fixed-rate loan in connection with the property at 215 Stafford Park Blvd. in Stafford Township. Proceeds will support what JLL said is the most-visited shopping destination within a 15-mile radius, one that has drawn more than 4 million visits over the past 12 months thanks in part to its strong highway access, highly trafficked location and roster of national tenants.
JLL Senior Managing Director Jim Cadranell, Director Ryan Carroll and Analyst Christian Badalamenti led the debt placement team on the borrower’s behalf.
“Stafford Park represents exactly the type of high-quality retail asset that attracts competitive financing in today’s market,” Cadranell said. “The combination of 100 percent occupancy, strong national tenants and an affluent trade area with excellent highway visibility made this a compelling story for lenders, resulting in favorable terms for our client.”
Developed by The Walters Group, the nearly 20-year-old center has a tenant lineup that includes Dick’s Sporting Goods, Best Buy, PetSmart and Ulta. More than 33,600 vehicles pass the 140,893-square-foot property each day, while it benefits from shadow anchors Costco and Target and a location just off the Garden State Parkway.
