Newmark arranges a $38 Million refinancing loan for The Shops at Bruckner Retail Center on behalf of Urban Edge Properties. The Shops at Bruckner are a Class A retail center in the Bronx, New York. The Newmark team was led by Executive Managing Director Chris Kramer, with Jordan Roeschlaub and Dustin Stolly, Co-Heads of Debt & Structured Finance, providing leadership. Apollo provided the loan.
Located at 1906 Story Avenue, the property features 112,720 square feet of best-in-class, cash-flowing real estate that has reached 100% occupancy. The property’s allure is magnified by its selection of nationally recognized tenants, including Aldi, AutoZone, Five Below, Jimmy Jazz, Lot Less, Marshalls, and Old Navy / Gap Factory, collectively drawing a consistent and loyal customer base. Moreover, the center benefits from its adjacency to Urban Edge’s Bruckner Commons, an expansive 396,000-square-foot shopping center anchored by prominent brands such as ShopRite and Burlington, with the highly anticipated opening of Target slated for 2025. The symbiotic relationship between these two centers creates a premier shopping destination that caters to experiential and essential retail needs, serving a population of over 2.2 million within a 5-mile radius.
The Shops at Bruckner primarily serves the neighborhoods of Soundview, Parkchester, Shore Haven, Clason Point, and Castle Hill. Distinguishing itself from many urban centers, this establishment’s size, ample parking facilities, and convenient access from the Bruckner Expressway result in a broader customer radius. Positioned at the intersection of the Bruckner Expressway and White Plains Road, the center enjoys exceptional accessibility, with a daily traffic volume exceeding 80,000 vehicles. Furthermore, multiple local and express bus routes conveniently serve the center, and the nearby #6 subway station is just a 15-minute walk away. The presence of this richly residential and commercially prosperous corridor contributes to total retail expenditures surpassing an impressive $635.2 billion within a 5-mile radius of the property.
