JLL Capital Markets arranged a $23.44-million senior financing for Springfield Avenue Marketplace, a 110,551-square-foot ShopRite-anchored retail center located in Newark. Senior managing directors Jim Cadranell and Jon Mikula and analyst Christian Badalamenti represented the borrower, Medipower, in securing the five-year, fixed-rate loan through Protective Life Corporation.
Located at 204-234 Springfield Ave., Springfield Avenue Marketplace was built between 2015-2016. It is currently 96% occupied by a diverse tenant roster, including national and credit retailers. The property features a ShopRite supermarket with national tenants including H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s and Popeyes. Newark Penn Station is 1.3 miles from the center.
“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.”
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