FLORHAM PARK, NJ-HFF has arranged a $21 million refinancing for Florham Park Plaza, a 64,587-square-foot retail center at 176 Columbia Turnpike in Florham Park, NJ on behalf of The Klein Group.
The project is located on 6.55 acres at the intersection of Columbia Turnpike and James Street in Florham Park’s downtown retail district. The 10-year, fixed-rate loan at 5.45% has been financed through Nationwide Life Insurance Co. and will be serviced by HFF. It replaces an existing first mortgage loan on the property, which was also arranged by HFF.
“This is an exceptional in-fill location, with a strong rent roll, which attracted tremendous lender interest,” says HFF managing director Jim Cadranell in an email to GlobeSt.com. Cadranell and senior managing director Jon Mikula represented The Klein Group.
Built in 1977 as a Loehmann’s shopping center and acquired by Klein in 2005, Florham Park Plaza was recently renovated and expanded to include new tenants Trader Joe’s and Walgreen’s. Other tenants at the 96.6% percent leased center include McDonald’s, Dunkin Donuts, Sprint, Red Mango, Citibank, Dress Barn and Qdoba.
“We’re delighted Florham Park residents now have a new destination to shop, dine and enjoy themselves in one convenient location,” said Jacob Klein, president of The Klein Group at the project’s December 2010 grand reopening, according to the Florham Park Eagle. It is Florham Park-based Klein’s only property in its hometown.
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