JLL Capital Markets on Tuesday said it has arranged $290 million in refinancing for Bergen Town Center, a 1 million-square-foot shopping center anchored by Whole Foods and Target and located in Paramus.
JLL exclusively represented the borrower, Urban Edge Properties, to secure the loan through New York Life Insurance Co. and MetLife Investment Management.
Built in 1957, Bergen Town Center is currently 97% leased by more than 70 unique retail tenants.
In addition to its Whole Foods and Target anchors, notable tenants include ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS, Ruth’s Chris and more.
The center provides a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years. The property includes 4,500 parking spaces and welcomes over 11 million annual customers.
Bergen Town Center is set within one of the country’s most productive retail submarkets with annual retail sales higher than any other ZIP code in the U.S. The center benefits from frontage along Route 4, which is Paramus’ most heavily trafficked retail corridor and boasts average daily traffic counts of more than 150,000 vehicles per day. Other major transit nodes include Highway 17, Interstate 80 and the Garden State Parkway. Located just nine miles west of New York City, the property offers seamless access from Manhattan in under an hour via mass transit.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese, Claudia Steeb and Jon Mikula and Director Alex Staikos.
“Bergen Town Center is a best-in-class asset operating in one of the strongest retail markets in the country,” Aiese said. “Under the astute and hands-on management of Urban Edge, it is well-positioned to continue to thrive, and we are pleased to have delivered accretive financing from lenders who share in ownership’s commitment to providing a stellar brick and mortar shopping experience.”