JLL Capital Markets announced it has arranged $11.5 million in acquisition financing for 1030 – 1050 Route 46, a 48,535-square-foot retail center in Clifton.
JLL secured a three-year, floating-rate loan through Fidelity Investments on behalf of the borrower.
The property occupies a 4.3-acre site at the intersection of routes 46 and 3 and is within one of New Jersey’s most heavily trafficked retail corridors, seeing approximately 56,000 vehicles daily. The formerly vacant commercial building is being repositioned as a grocery-anchored community retail center with complementary specialty uses. The property was 80% pre-leased prior to closing.
Northern New Jersey’s retail market continues to demonstrate strong fundamentals, with low vacancy rates and consistent rent growth. The Route 3-Garden State Parkway submarket, which includes Clifton, has shown exceptional performance, maintaining vacancy rates at just 1.7% over the past five years, outperforming the broader regional market.
The retail center will undergo about $1.5 million in capital improvements, including façade enhancements, signage upgrades, parking lot repairs, HVAC system replacements, roof updates and additional modernizations to support its repositioned tenant mix.
Construction and property upgrades are expected to begin immediately upon closing, with stabilization anticipated within 18 months.
JLL Capital Markets’ Debt Advisory team led the transaction, including Ryan Carroll, Nazario Paragano and Christian Badalamenti.
“This transaction demonstrates continued investor confidence in well-located retail assets with strategic repositioning potential,” said Carroll. “The property’s irreplaceable location at major highway intersections and our client’s proven track record of successful retail transformations made this an attractive financing opportunity.”
