JLL worked on behalf of Jersey Investors Growth, which has owned the Sparta center for more than 20 years, to place the 10-year, fixed-rate loan with Aegon Asset Management. Loan proceeds will be used to refinance the existing mortgage on the property.
Anchored by Stop & Shop, which is the one of only two grocers in the area, the asset is a fully leased, 87,984-square-foot, regional shopping center. The tenancy is complemented by a mix of national and local tenants, including Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium, Anthony Franco’s Pizza and a national wireless provider.
Located at 5 and 8 Town Center Drive, Sparta Town Center is exceptionally positioned at the northwest intersection of Route 517 and Route 15, less than 1 mile from downtown Sparta, an affluent community in northern New Jersey with proximity to the New York metro area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio Jr. and analyst Salvatore Buzzerio.
“JLL is pleased to assist the borrower in securing proceeds from Aegon Asset Management to replace the existing, maturing permanent loan,” Didio said. “The shopping center is the premier retail asset in Sparta, and Aegon Asset Management did a nice job committing and closing the business.”