JLL Capital Markets said the commercial real estate and investment management company has arranged a $13.5 million refinancing package for Millburn Village, a 71,177-square-foot shopping center in the Vauxhall neighborhood of Union Township.
JLL represented Lightstone, a diversified privately held real estate company, in securing a three-year, fixed-rate loan through Ameritas Investment Corp., based in Lincoln, Neb.
Millburn Village, located at 2933 Vauxhall Road, occupies a strategic position near Interstate 78, which carries 150,000 vehicles per day. The property serves an area of more than 1.7 million residents with an average household income of $139,754 within a five-mile radius.
The shopping center was acquired by Lightstone in 2003 and has maintained high occupancy levels over the past five years. The property is anchored by national retailers Walgreens and Staples, which have been tenants at the property for 28 years and 18 years, respectively. The center features an impressive 21.2-year weighted average tenant tenure across 19 diverse tenants.
Union County continues to be a strategic retail market within the New York metropolitan area, offering retailers access to one of the nation’s most affluent consumer bases. The Millburn Village property is positioned within the highly desirable Route 22 East Retail Submarket, which has a low vacancy rate of just 3.6% and climbing triple net lease direct rents.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Ryan Carroll and Analysts Tyler Caricato and Caleb Henry.
“Millburn Village’s strategic location in one of Union County’s strongest retail corridors, combined with its exceptional occupancy history and premier sponsorship made this an attractive financing opportunity,” said Carroll. “This opportunity was well received by the lending community and allowed us to deliver attractive terms for our client.”
Lightstone, a New York City-based diversified privately held real estate company, is active in 27 states across the country, developing, managing and investing in residential, hospitality, commercial and retail sectors.
Ameritas Life Insurance Corp.’s real estate subsidiary provides short- and long-term financing for warehouse, light industrial, apartments, medical offices and anchored and unanchored rental property, catering to property owners who need to refinance existing debt or acquire new properties with flexible structuring options.
