JLL Capital Markets said on Tuesday that it arranged a $23.44 million in financing for Springfield Avenue Marketplace, a 110,551-square-foot ShopRite-anchored retail center located in Newark.
JLL represented the borrower, Medipower, in securing the five-year, fixed-rate loan through Protective Life Corporation.
Located at 204-234 Springfield Ave., the Marketplace was built between 2015-2016 and is currently 96% occupied by a diverse tenant roster including national and credit retailers. The property features a ShopRite supermarket with national tenants including H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s and Popeyes contribute to 87% of the property’s income and 91% of its gross leasable area.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Analyst Christian Badalamenti.
“Springfield Avenue Marketplace represents an excellent investment opportunity, showcasing the continued demand for grocery-anchored retail assets in densely populated urban markets,” Cadranell said. “The property’s strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base.”
Mikula added, “We were able to secure attractive financing terms that align with Medipower’s investment strategy for this high-performing retail center. The property’s strong tenant mix, anchored by a top-performing ShopRite, contributed significantly to lender interest in this transaction.”
