[[{“value”:”
JLL Capital Markets has successfully arranged a $23.44 million senior loan for the acquisition of Springfield Avenue Marketplace, a 110,551-square-foot, ShopRite-anchored retail center located in Newark, New Jersey.
The financing was secured on behalf of the borrower, Medipower, by JLL’s Senior Managing Directors Jim Cadranell and Jon Mikula, along with Analyst Christian Badalamenti. The five-year, fixed-rate loan was provided by Protective Life Corporation.
Positioned at 204-234 Springfield Avenue, the shopping center was constructed between 2015 and 2016 and is currently 96% leased. Its tenant mix features a strong lineup of national and credit-rated retailers, including ShopRite, H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s, and Popeyes. The property is conveniently located just 1.3 miles from Newark Penn Station, offering excellent accessibility for both local shoppers and commuters.
“Springfield Avenue Marketplace represents an excellent investment opportunity, showcasing the continued demand for grocery-anchored retail assets in densely populated urban markets,” said Jim Cadranell. “The property’s strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base.”
“}]]
