Barnegat Village Square at 912 West Bay Ave. in Barnegat — Courtesy: JLL
By Joshua Burd
Walters has secured an $8.3 million loan to refinance a grocery-anchored shopping center in the Ocean County township of Barnegat, according to a debt placement team with JLL.
In a news release, brokers said Provident Bank provided the 10-year, fixed-rate loan in connection with the 70,491-square-foot Barnegat Village Square property. They noted that the complex, located at 912 West Bay Ave., is 97 percent leased and anchored by an ACME that serves as the only grocer in the municipality.
JLL Senior Managing Director Jim Cadranell and Analyst Michael Mataras led the team that sourced the loan on behalf of a Walters affiliate.
“Provident Bank once again demonstrated how much they value their customer relationships by providing competitive refinancing terms for the Walters Group,” Cadranell said. “It was a pleasure to again work with both lender and borrower on this refinancing.”
Built in 1998, Barnegat Village Square is also home to tenants such as Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s and Dazzlz Salon, the news release said. It also has one pad site that is occupied by Burger King, while the tenant roster has a combined weighted average tenure of more than 20 years.
JLL added that the center is one-tenth of a mile from Exit 67B of the Garden State Parkway and accessible from nearby routes 72 and 9. Within a five-mile radius is a population of nearly 60,000 and an average household income exceeding $110,000.
