Holliday Fenoglio Fowler arranged a $17.5 million refinancing for Warren Village Shopping Center, a 61,838 s/f, grocery-anchored shopping center in the northern New Jersey suburb of Warren.
HFF worked on behalf of the borrowers, The Klein Group and Sterling Properties Group, to place the 10-year, fixed-rate loan with a life company.
Loan proceeds will be used to refinance existing debt, which HFF had also arranged for the borrower in 2006.
Anchored by Kings Supermarket, the 99.3 percent leased Warren Village Shopping Center is also home to a variety of national and local tenants, including Country Squire Restaurant, Peapack-Gladstone Bank, Massage Envy, Remax, European Wax Center, Starbucks, Edgewood Pharmacy, Impact Martial Arts and The UPS Store.
Situated at 62 Mountain Boulevard, the center is located at the intersection of two main roadways, two miles from Route 22, a major retail destination for the area.
The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell.
“This was a very smooth closing with the lender and a great result for our clients,” Cadranell said. “It was a pleasure working with everyone involved.”
The Klein Group acquires and develops strategically located assets throughout the Mid-Atlantic and Northeast regions.
Sterling Properties is a multi-faceted development organization with a range of upscale real estate including residential, office and commercial communities throughout New Jersey, Pennsylvania, New York and Connecticut.