JLL closes sale of grocery-anchored retail center in Upstate New York

 

The 90 percent-leased retail center was completed in 1994 and most recently renovated in 1999.

MORRISTOWN, NJ – JLL Capital Markets announced it has closed the sale of Tops Plaza, a 133,849-square-foot retail center anchored by Tops grocery store in the Central Upstate community of Cortland, New York. 

 

Jose Cruz

JLL marketed the property on behalf of the seller, a CMBS trust. Namdar Realty Group purchased the asset. 

 

Tops Plaza is anchored by Tops, the region’s leading grocer, and home to a diverse mix of service-oriented, essential and traditional retail tenants.

 

The 90 percent-leased retail center was completed in 1994 and most recently renovated in 1999. 

J.B. Bruno

Situated on 21.6 acres at 3918-3944 Route 281, the center is within the main commercial hub of Cortland, which is in the geographic center of the state and about 33 miles south of Syracuse.

 The property has more than 600 feet of frontage along 218, a state highway with annual average daily traffic counts of nearly 15,000. 

Kevin O’Hearn

This area of New York encompasses parts of the Finger Lakes region, which attracts more than 5.5 million annual visitors.

 

The JLL Capital Markets team representing the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli. Jonathan Abda, Director of Acquisitions and Dispositions at Namdar Realty Group, represented the buyer.

 

Andrew
Scandalios

“We are seeing strong demand for grocers, as that predictable cash flow has value for both private and institutional investors,” Cruz said.

 

“We continue to seek opportunity and be active in the marketplace and are glad to have been able to acquire another grocery-anchored asset during these unprecedented times,” Abda added.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

 Michael Oliver 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

Steve
Simonelli

 For more news, videos and research resources on JLL, please visit our newsroom.

About Namdar Realty Group

Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 54 million square feet of commercial real estate throughout the United States.

Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, New York.

Contact:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

 

. Permanent financing secured for Centurion Union redevelopment in Union, NJ

 Centurion Union apartments redevelopment in Downtown Union, NJ

 

 

MORRISTOWN, N.J., October 6, 2020 – JLL Capital Markets announced it arranged permanent financing for Centurion Union, a newly constructed 80-unit luxury apartment building located at 975 Bonnel Court in the vibrant Union Center neighborhood of Union, New Jersey.

 

JLL worked on behalf of the borrower, American Landmark Development (“ALD”), to secure the long-term, fixed-rate loan through Provident Bank. ALD, the designated redeveloper for the Union Center redevelopment project, completed construction on the first phase of the multi-phased Centurion Union project in February of 2020.

 

The building immediately received tremendous interest from a diverse group of potential renters and resulted in a swift lease-up period that allowed the borrower to take out its construction loan ahead of schedule.

Michael Klein

The apartments feature spacious floorplans with nine-foot ceiling heights, wide wood-style plank flooring, vented in-home washer and dryers by GE, kitchens with full-size slate GE appliances, gas range stoves, island/peninsula work spaces and quartz countertops while baths are equipped with glass-enclosed showers, porcelain tile and chrome fixtures.

 

 Residents have access to various building amenities, including a fitness center, game room, resident lounge, flexible co-working space, children’s playroom, dog run and onsite parking.

 

The property is located in the heart of downtown Union, just steps from an abundance of shops, restaurants and entertainment that line the Stuyvesant Avenue corridor.

 

“Centurion Union ushers in a new era for Union Center, where municipal efforts to create a vibrant new lifestyle experience along Stuyvesant Avenue have taken root,” said Manuel A. Fernandez, founder of ALD.

 “As the first new residential building delivered in Union’s reimagined downtown in over three decades, Centurion Union delivers a modern residential opportunity to this flourishing and close-knit neighborhood, while placing residents just steps away from a diverse offering of dining, retail and conveniences.”

 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.

Max Custer

“We are thrilled to aid American Landmark Development in securing long term fixed rate financing for Centurion Union, which will allow the company to continue with its strategic growth plan,” said Custer. 

 

“The Project’s rapid lease-up, particularly during the peak months of the COVID-19 pandemic is a testament to the building’s excellent location, quality finishes and the borrower’s hands on management team.”

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

  

For more news, videos and research resources on JLL, please visit our newsroom

 

CONTACT:

 

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

 jll.com.