JLL Capital Markets arranged $14.1 million in acquisition financing for Springfield Plaza, a 72,120-square-foot neighborhood retail center located along the heavily trafficked Route 22 corridor in Springfield.
JLL secured the fixed-rate loan through a regional bank on behalf of the borrower, Adoni Property Group, a New Jersey-based owner and operator with an extensive portfolio of commercial and multifamily assets.
Situated at 271-275 U.S. Route 22 East on a seven-acre site, Springfield Plaza is 97% leased to 17 national and regional tenants. The property features three buildings and 313 surface parking spaces, catering to a densely populated and affluent trade area that includes Springfield, Summit, Millburn, and Union.
Originally developed in 1980, the center boasts a highly diversified tenant roster spanning necessity-based retail, food and beverage, education and enrichment, recreation, and government services. Its prime position along U.S. Route 22 provides exceptional visibility and direct connectivity to major thoroughfares, including the Garden State Parkway, Interstate 78, U.S. Route 24, and Interstate 95.
The transaction was spearheaded by JLL Capital Markets Senior Directors Max Custer and Gerard Quinn, alongside Analyst Matthew McManus.
“Springfield Plaza presented a compelling opportunity to finance a well-established retail center with durable cash flow, a highly diversified tenant roster and a long history of serving the surrounding community,” Custer noted. “The combination of necessity-based uses, experienced sponsorship and a premier Route 22 location generated strong lender interest.”
Nicholas Tessitore, CFO of Adoni Property Group, praised the execution, stating, “We recently started working with the JLL team and they deliver results. In this interest rate environment, you need top-tier execution and that’s what JLL provides.”
