GSAM PRE, Madison Marquette acquire retail center in Newark

Goldman Sachs Asset Management Private Real Estate and Madison Marquette announced Thursday they have acquired a retail center in Newark.

The retail center, known as the Springfield Avenue Marketplace, is a newly-constructed, 112,000 square foot shopping plaza anchored by a ShopRite grocery store.

The property is within close access to Newark Penn Station, Springfield Avenue and Jones Street.

“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” Joseph Gorin, co-head of GSAM PRE, said. “We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”

Financial terms of the deal were not disclosed.

“Madison Marquette believes that Springfield Avenue Marketplace is well-positioned to serve the Newark community, and we look forward to working with our partner, GSAM PRE, to seek to meet the demand and needs from the surrounding community,” David Brainerd, chief investment officer of Madison Marquette, said.