G.S. Wilcox & Co. said Sept. 11 that it has arranged $26 million in financing for the redevelopment of the Blue Star Shopping Center in Watchung. The loan was arranged by Principal David Fryer through a life insurance company of the firm and features full-term, interest-only on highly attractive terms.
The 420,000-square-foot Blue Star Shopping Center, for which Levin Management Corp. serves as managing and leasing agent, has completed Phase I of its multi-phase redevelopment. This initial stage was highlighted by the debut of a new, expanded 72,000-square-foot ShopRite, which serves as the property’s flagship anchor.
Phase II is underway, transforming the former ShopRite space to welcome Burlington and the relocation of Marshalls within the center. Recent additions to the property’s tenant mix include: Planet Fitness, KidStrong, Five Below and Taco Bell, with several additional dining options to be announced soon. Levin Management arranged more than 62,200 square feet of new leasing activity at the center on Route 22 West.
“We are pleased to have arranged this financing for our longstanding client and to once again deliver certainty of execution through one of our life insurance company relationships,” said Fryer.
G.S. Wilcox & Co. was founded by Gretchen S. Wilcox in 1994, and the firm claims to be the only female-founded commercial real estate mortgage banking company in the United States.
