CBRE announced on Monday that it has successfully arranged an $18,420,000 financing loan for Convery Plaza, a prominent 91,280-square-foot retail center anchored by ShopRite in Perth Amboy. The capital was secured through Nationwide on behalf of the property’s owner, Sterling Organization.
The transaction was spearheaded by Richard Henry, Mike Ryan, Blake Cohen and JP Cordeiro of the CBRE Debt & Structured Finance team.
Convery Plaza is positioned on roughly 8.9 acres at the high-traffic intersection of Convery Boulevard and Fayette Street. Boasting frontage along three major thoroughfares, the retail hub benefits from a combined traffic count exceeding 43,000 vehicles per day.
The center’s strength is anchored by its long-term tenant relationship with ShopRite, which occupies 60,665 square feet of the property. The supermarket giant has operated at this location since 2012, serving as the exclusive major grocery-anchored shopping center south of Route 440. It draws heavily from a densely populated trade area, with more than 121,900 residents living within a three-mile radius.
Beyond the supermarket, the plaza boasts maximum stability:
- Occupancy Rate: 100% fully leased across 15 diverse tenants.
- Lease Longevity: A stable weighted average lease term (WALT) of 6.1 years.
- Modern Expansion: Includes a standalone outparcel building completed in 2022, which is currently home to Dunkin’ and MetroDoc Urgent Care.
The successful funding package underscores the commercial real estate market’s continuous demand for established necessity-based retail hubs in densely populated “infill” suburban corridors.
“Grocery-anchored retail in infill locations like Perth Amboy draws strong lender interest,” Richard Henry of CBRE said. “ShopRite’s performance here gave lenders a clear picture of the demand driving this asset, and Nationwide was the right partner to structure a loan that reflects the property’s long-term stability.”
