Working exclusively on behalf of the Azarian Group, HFF senior managing director Thomas Didio and associate director Michael Klein placed the five-year, fixed-rate loan with a local commercial bank. According to the pair, loan proceeds were used to acquire the property.
With the acquisition, Azarian expands its portfolio of New Jersey- and New York-based shopping centers, including Pine Brook Plaza, Raritan Center, Montvale Shopping Center and the Hyde Park Mall.
Originally completed in 1970, Neptune Plaza was renovated and expanded in 2002 to its current size of 218,524 square feet. Tenants at the fully-occupied center include ShopRite, Marshall's, HomeGoods, Quizno's, IHOP, Dunkin' Donuts and a TD Bank North outparcel.
In a separate deal, HFF's Florham Park office, along with its Chicago counterpart, has secured a $12.5 million refinancing for Baker Hill Shopping Center, a 135,355-square-foot, grocery-anchored space located at 830 Roosevelt Rd. in Glen Ellyn, IL.
Working exclusively on behalf of Columbia Retail Baker Hill LLC, a Regency Centers-operated JV, HFF managing director Jim Cadranell and director Matthew Schoenfeldt placed the five-year, fixed-rate loan with Ladder Capital Finance.
This was the second financing for Regency Centers placed by HFF within the last nine months; the first of which involved $43 million for Hollymead Town Center in Charlottesville, VA; Signal Hill Shopping Center in Manassas, VA; and John's Creek Center in Jacksonville, FL.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
