News:
Brokerage
Posted: December 19, 2017
Outside the Region: Imperial Capital places $5.975 million loan for 55,830 s/f ShopRite Center
Lawnside, NJ According to Andy Nemeroff, president of Imperial Capital, the firm has compled first mortgage financing on a ShopRite Center. The property is 55,830 s/f and is leased to the Wakefern Corp. d/b/a as ShopRite on a long-term lease.
The loan, was for $5.975 million for ten years, with an interest rate of 3.62%. The loan was for a private investor and placed with a New Jersey savings bank.
The property benefits from a shadow anchor of both Petco and Home Depot and a strong location. The store has direct frontage to the interesection of White Horse Parkway and Gloucester Pike and both roads have a traffic count of approximately 35,000 cars per day. The property is also situated between I-295, which is accessible one-half mile to the north nd the New Jersey Turnpike which passes by the property one block to the south.
The ShopRite used to be a Pathmark store and the property was for the most part completely gut renovated, once Pathmark left the space in 2013.
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
