JLL Capital Markets has successfully arranged a $13.5 million refinancing for Millburn Village, a premier 71,177-square-foot shopping center located at 2933 Vauxhall Rd. The three-year, fixed-rate loan was secured through Ameritas Investment Corporation on behalf of the borrower, Lightstone.
The transaction underscores the continued strength of Union County’s retail sector, where low vacancy rates and high household incomes continue to attract competitive lending terms, even as the broader commercial real estate market navigates post-shutdown economic shifts.
Acquired by Lightstone in 2003, Millburn Village has become a model for suburban retail stability. The center boasts a remarkable 21.2-year weighted average tenant tenure, anchored by national staples that have served the community for decades:
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Walgreens: A tenant for 28 years.
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Staples: A tenant for 18 years.
The property’s 19-tenant roster benefits from a strategic location immediately off Interstate 78, a corridor that sees approximately 150,000 vehicles per day. This visibility is matched by the affluence of the surrounding trade area, which includes over 1.7 million residents with an average household income exceeding $139,000 within a five-mile radius.
The refinancing comes at a time when Northern New Jersey’s retail fundamentals remain exceptionally tight. Millburn Village is situated within the Route 22 East Retail Submarket, which currently maintains a vacancy rate of just 3.6%.
As retailers increasingly seek “daily needs” locations—centers anchored by pharmacies, grocery stores, or service providers—Union County has seen a steady climb in triple-net (NNN) direct rents.
“Millburn Village’s strategic location in one of Union County’s strongest retail corridors, combined with its exceptional occupancy history and premier sponsorship, made this an attractive financing opportunity,” Ryan Carroll, director at JLL Capital Markets said. “The opportunity was well received by the lending community, allowing us to deliver attractive terms.”
The JLL Debt Advisory team was led by Director Ryan Carroll and Analysts Tyler Caricato and Caleb Henry. By securing a fixed-rate solution through Ameritas, Lightstone—a global real estate firm with over $9 billion in assets—positions the property for continued stability through 2029.
