CBRE Completes Loan for Grocery-Anchored Retail Center in Edison, N.J.
SADDLE BROOK, N.J. (January 17, 2013) – James Gunning and Donna Falzarano of CBRE New Jersey’s Debt & Equity Finance Group recently secured a $36,000,000 loan for Festival Plaza, a repositioned grocery-anchored retail center, anchored by H Mart, the nation’s premier Asian grocer and located in one of the state’s strongest retail markets.
The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27 in Edison, New Jersey. The financing, which has a five-year term with a floating interest rate at 275 bps over Libor, was secured through Capital One.
The borrower, a partnership of Lubert Adler and McCarthy Properties, purchased the former Tops-anchored shopping center in May 2008 and secured a lease with H Mart. Over the course of the following three years, the borrower embarked on a campaign to expand and rebrand the center, which has outstanding regional access and visibility from the heavily travelled Route 27 and Plainfield Avenue.
Festival Plaza has become a retail destination and draws from an affluent, densely populated trade area and has a tenant roster boasting of a diverse lineup of quality retailers, most of which are Asian-inspired.
Festival Plaza is located in the 24th largest of the retail markets tracked by CBRE Econometric Advisors. Approximately 280,000 people live within five miles and more than 100,000 vehicles pass through the area on a daily basis.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.