One of Newark’s premier retail centers recently sold for $37.5 million. Springfield Avenue Marketplace is a 110,551-square-foot shopping center anchored by ShopRite and located in Newark’s booming University Heights neighborhood at the intersection of Jones Street and Springfield Avenue. Currently, the center is 97% leased, with a lineup of national tenants that includes Taco Bell, Popeyes, T-Mobile, and McDonald’s.
CBRE’s National Retail Partners team, comprising Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr, and Travis Langer, represented Goldman Sachs Alternatives in the transaction. The CBRE team also secured the buyer, Medipower, a real estate investment and management group with several retail properties on the East Coast, as well as Canada and Bulgaria.
Jeff Dunne of CBRE commented, “The center’s attractive rent roll, highlighted by a high-volume ShopRite and long-term leases, provides stable income. This was a unique opportunity to acquire a Northern New Jersey center approximately 20 minutes outside Manhattan.”
The trade area population surrounding Springfield Avenue Marketplace exceeds 1.3 million. The University Heights neighborhood has experienced a surge in growth in recent years, fueling expansion throughout the entire city.
David Gavin of CBRE noted, “We continue to see strong demand in Metro NY for properties like Springfield Avenue Marketplace, which provide predictable cash flow in growing markets.”
CBRE has recently overseen several significant sales and leasing deals across New Jersey, including other ShopRite-anchored shopping centers, multi-family residences, and corporate headquarters.
