JLL Capital Markets facilitates loan for well-established retail property in Union County

MORRISTOWN, NJ - JLL Capital Markets announced today that it has arranged a $13.5 million refinancing for Millburn Village, a 71,177-square-foot shopping center in Vauxhall, New Jersey.

JLL represented Lightstone, in securing a three-year, fixed-rate loan through Ameritas Investment Corporation.

Millburn Village, located at 2933 Vauxhall Rd., occupies a strategic position located just off Interstate 78, which carries 150,000 vehicles per day. The property serves a robust trade area of over 1.7 million residents with an average household income of $139,754 within a five-mile radius.

The shopping center was acquired by Lightstone in 2003 and has maintained consistently high occupancy levels over the past five years. The property is anchored by national retailers Walgreens and Staples, which have been tenants at the property for 28 years and 18 years respectively. The center features an impressive 21.2-year weighted average tenant tenure across 19 diverse tenants.

Union County continues to be a strategic retail market within the New York Metropolitan Area, offering retailers excellent access to one of the nation's most affluent consumer bases. The property is positioned within the highly desirable Route 22 East Retail Submarket, which boasts an exceptionally low vacancy rate of just 3.6% and climbing NNN direct rents.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Ryan Carroll and Analysts Tyler Caricato and Caleb Henry.

"Millburn Village’s strategic location in one of Union County’s strongest retail corridors, combined with its exceptional occupancy history and premier sponsorship made this an attractive financing opportunity.," said Carroll. "This opportunity was well received by the lending community and allowed us to deliver attractive terms for our client. "