$8.3M in financing secured for grocery-anchored shopping center in New Jersey
JLL Capital Markets arranged the refinancing of the 70,491-square-foot Barnegat Village Square in Barnegat, New Jersey
MORRISTOWN, Dec. 20, 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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Provident Bank
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), which reported assets of $14.09 billion as of September 30, 2023. With $10.14 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey; Bucks, Lehigh, and Northampton Counties in Pennsylvania; and Nassau and Queens Counties in New York. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).