$21.5M loan secured for New Jersey grocery-anchored retail center
JLL Capital Markets arranged the loan for Hekemian to refinance Sparta Town Center
MORRISTOWN, N.J., May 3, 2022 – JLL Capital Markets announced today that it has arranged a $21.5 million loan for the refinancing of Sparta Town Center, a fully leased, 87,984-square-foot, Stop & Shop-anchored regional shopping center in the Northern New Jersey retail submarket of Sparta Township.
JLL worked on behalf of the borrower, Jersey Investors Growth Company, L.P., an affiliate of Hekemian & Co., Inc., to place the 10-year, fixed-rate loan with Aegon Asset Management. Loan proceeds will be used to refinance the existing mortgage on the property.
The borrower has owned Sparta Town Center for more than 20 years, demonstrating their commitment to the property. Anchored by Stop & Shop, which is the one of only two grocers in the area, the tenancy is complemented by a mix of national and local tenants, including Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium, Anthony Franco’s Pizza and a national wireless provider.
Located at 5 and 8 Town Center Dr., Sparta Town Center is exceptionally positioned at the northwest intersection of County Route 517 and Route 15 less than 1-mile from downtown Sparta, an affluent community in Northern New Jersey with proximity to the New York metro area. The center benefits from the strong demographics of Sussex County, which includes 31,413 residents boasting an average annual household income of $163,933 within a five-mile radius of the center.
“JLL is pleased to assist the borrower in securing proceeds from Aegon Asset Management to replace the existing, maturing permanent loan,” Didio said. “The shopping center is the premier retail asset in Sparta, and Aegon Asset Management did a nice job committing and closing the business.”
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 sales and 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.