Newark Shopping Center With ShopRite Gets $23M In Financing

NEWARK, NJ — A shopping center in Newark recently got a major, multi-million-dollar financing boost.

Earlier this week, JLL Capital Markets announced that it has arranged a $23.44 million senior financing for Springfield Avenue Marketplace, which is located at 204-234 Springfield Avenue in Newark.

The 110,551-square-foot retail center located is anchored by a ShopRite supermarket. It was built between 2015-2016, and is currently 96 percent occupied. Other tenants include H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald's and Popeyes.

The borrower, Medipower, secured a five-year, fixed-rate loan through Protective Life Corporation.

“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, a senior managing director at JLL Capital Markets.

“The property's strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base,” Cadranell said.

“The property's strong tenant mix – anchored by a top-performing ShopRite – contributed significantly to lender interest in this transaction,” his fellow managing director Jon Mikula agreed.

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