Financing secured for mixed-use shopping center in New Jersey
JLL Capital Markets arranged the refinancing of the approximately 700,000-square-foot, grocery-anchored Roxbury Mall in Succasunna, New Jersey
MORRISTOWN, Nov. 14, 2023 – JLL Capital Markets announced today that it has arranged financing for Roxbury Mall, an approximately 700,000-square-foot regional power center with a market-dominant grocery store, located in Succasunna, New Jersey within the West Morris retail submarket.
JLL represented the borrower, Roxville Associates, to secure the ten-year, fixed-rate loan through a life company.
The property is managed by Fidelity Management of Chatham, New Jersey. Roxbury Mall has a diverse roster of national and local tenants, including Home Depot, ShopRite, Kohl’s, Ramsey Outdoors, Petco, Panera, U.S. Post Office and Planet Fitness. The center’s grocery anchor, ShopRite, has been operating at the center since 1974. Roxbury Mall also includes a 60,000 square foot medical office building with a surgery center and a 30,000 square foot office building.
Located at 275-281 State Route 10, the center is just a half mile away from State Route 46 and two miles from Interstate 80, providing unparalleled access to the center. Surrounding the subject property are affluent residential neighborhoods comprised predominantly of single-family homes, with 35,000 residents within three miles of the property, and an average household income of approximately $140,000.
The JLL Retail Capital Markets team that represented the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Associate Ryan Carroll.
“Necessity retail continues to be in favor in the debt market,” said Mikula. “Roxville Associates and its managing agent, Fidelity Management LLC, have created a one-stop shop experience in the region.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Founded in 1978 by Salvatore A. Davino, Fidelity has been involved in real estate for more than 45 years. Over the course of the Company’s history, over 40 major projects have been acquired, developed and managed. In addition, the Company has also organized numerous private partnerships in acquisitions and development. Fidelity offers fully integrated asset management including in-house management, maintenance, leasing and construction through its related companies, Fidelity Management LLC, Fidelity Maintenance Corp. and Fidelity Properties LLC.