The financing was arranged by James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook, NJ. Northwestern Mutual Life provided the funding.
[IMGCAP(2)]"Morris was extremely satisfied with the terms provided by Northwestern Mutual Life," Gunning says. "The lender provided certainty of execution and very favorable financing in light of terrible market conditions."
The funding completes Morris' acquisition, which involved a multi-tenant portion of the three-building complex. The bulk of Heritage Square consists of a 120,000-sf Target store, owned by that company, which shadow anchors the property. The center's in-line tenants include Best Buy, 30,000 sf, Staples, 20,400 sf, PetSmart, 15,000 sf, Chase Bank, Dunkin Donuts, Subway and Supercuts.
Located on 72 acres at Stouts Lane and Route 1 north of Princeton, the property was developed and subsequently sold by Pineville Development Associates LP, an affiliate of the Valley Forge, PA-based Pineville Properties. The sale transaction was brokered by Metro Commercial.
Heritage Square has its genesis with an original proposal by Pineville in 2004. Actual construction began in early 2006, and completed a year ago. For its part, the retail portion of Morris Cos.' mixed portfolio consists of 11 shopping centers totaling more than two million sf in New Jersey, New York, Pennsylvania and Florida.
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