JLL Capital Markets has successfully arranged a $23.44 million senior financing for Springfield Avenue Marketplace, a 110,551-square-foot retail center anchored by ShopRite and located in Newark, New Jersey. The five-year, fixed-rate loan was secured on behalf of the borrower, Medipower, through Protective Life Corporation. The financing effort was led by senior managing directors Jim Cadranell and Jon Mikula, along with analyst Christian Badalamenti.
Situated at 204-234 Springfield Avenue, Springfield Avenue Marketplace was developed between 2015 and 2016 and is currently 96% leased. The retail center boasts a diverse mix of national and credit tenants, including H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s, and Popeyes. Its anchor tenant, ShopRite, serves as a significant retail draw for the neighborhood. The property benefits from its strategic urban location, with Newark Penn Station just 1.3 miles away, providing direct connectivity to New York City.
“Springfield Avenue Marketplace represents an excellent investment opportunity, showcasing the continued demand for grocery-anchored retail assets in densely populated urban markets,” said Cadranell. “The property’s strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base.”
