Dev Morris and Andrew Stewart have arranged permanent financing of $48,500,000 for one of New Jersey’s most successful lifestyle centers.
Tice’s Corner is a fully occupied 120,000 s/f marketplace in Woodcliff Lake, one of the most affluent towns in New Jersey, 18 miles northwest of New York City.
The average family household income within a one-mile radius of the property is $178,000 and median home values exceed $878,000.
Tice Corner tenants include well-known national retailers such as Apple, Williams-Sonoma, Athleta, J. Crew, Anthropologie, Pottery Barn, and Banana Republic.
The property was developed in 2001, purchased by the sponsor in 2002, and has maintained an average occupancy of 99.4% since it stabilized in 2003.
“The owner has done an excellent job altering the tenant mix to ensure that this property maintains its dominant position for years to come,” according to Andrew Stewart, noting that the 10-year loan was structured with five years of interest only, and amortizes over a 30 year schedule thereafter.
The property is managed and leased by David Adam Realty, a full service commercial real estate firm specializing in leasing as well as investment sales.