MORRISTOWN, Dec. 19, 2023 - JLL Capital Markets announced today that it has arranged the refinancing for Barnegat Village Square, a 70,491-square-foot, grocery-anchored shopping center located in Barnegat, New Jersey.
JLL represented the borrower, an affiliate of the Walters Group, to secure the ten-year, fixed-rate loan through Provident Bank.
Developed in 1998, the 97-percent-leased Barnegat Village Square is anchored by ACME Markets, a subsidiary of Albertsons Companies. This ACME location serves as the only grocer in the town of Barnegat. The property's inline space includes a mix of quality tenants, such as Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni's and Dazzlz Salon, and the center contains one pad site that is tenanted by Burger King. Additionally, the tenant base has a combined weighted average tenure of over 20 years.
Situated at 912 West Bay Ave., the center is ideally located .1 miles from Exit 67B of the Garden State Parkway. The property is easily accessible and strategically positioned from its location along one of the main east-west thoroughfares, which connects Route 72 to the west and Route 9 to the east and provides access to the popular and affluent beach resort community of Long Beach Island. Within a five-mile radius of the property is population of almost 60,000 and an average household income of over $110,000.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jim Cadranell and Analyst Michael Mataras.
"Provident Bank once again demonstrated how much they value their customer relationships by providing competitive refinancing terms for the Walters Group. It was a pleasure to again work with both lender and borrower on this refinancing," said Cadranell.
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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Jones Lang LaSalle Inc. published this content on 19 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2023 17:34:46 UTC.
