 |
| Veterans Square Shopping Center, Lyndhurst, NJ |
 |
| Jon Mikula |
FLORHAM PARK, NJ, May 17,
2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged a $31 million refinancing for Veterans
Square, a 136,928-square-foot, grocery-anchored community retail center in
the Northern New Jersey suburb of Lyndhurst.
HFF worked on behalf of
the borrower, The Hampshire Companies, to place the fixed-rate loan with
Nationwide Real Estate Investments (Nationwide). Loan proceeds will be used to effectuate an
internal transfer of the asset.
Completed in 2000 and
renovated in 2012, Veterans Square consists of four one-story buildings and
features 710 parking spaces, of which 150 are licensed from NJ Transit.
The 97.2-percent-leased center is home to 13
tenants, including ShopRite, Supercuts, PetSmart, Davita Healthcare, HomeGoods,
GNC, Garden Nails and Gencarelli’s Italian Restaurant.
Situated on 12.31 acres at
530-560 New York Avenue, the center is located in the heart of a densely
populated residential neighborhood and is within walking distance to both the
Lyndhurst train station and several New Jersey Transit bus stops. Veterans
Square is located in the Meadowlands retail submarket, which is currently 97.5
percent occupied.
 |
| Michael Klein |
The HFF debt placement
team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.
“Grocery-anchored shopping
centers located in densely populated communities such as Lyndhurst are highly
sought after by life insurance companies,” Klein said. “Nationwide was already intimately familiar
with the asset, so they were easily able to close within a short closing
window.”
“Nationwide was extremely
flexible and creative in solving the debt need for this transaction,” Mikula
added.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
(www.facebook.com/hampshireco),
Twitter (@hampshireco),
and
LinkedIn (www.linkedin.com/company/the-hampshire-companies).
No comments:
Post a Comment