Goldman Sachs JV Buys NJ Retail Center
Springfield Avenue Marketplace in Newark comprises 120,000 square feet and provides residents from the area—including students from four universities—a wide array of shopping and dining options.
By Corina Stef
Springfield Avenue Marketplace
A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and Madison Marquette has purchased Springfield Avenue Marketplace in Newark, N.J. The seller of the 112,000-square-foot retail center was Tucker Development, a company that completed the property in 2015.
Located at 204-234 Springfield Ave. in the University Heights neighborhood, Springfield Avenue Marketplace serves a large residential base. Rutgers University, New Jersey Institute of Technology, New Jersey Medical School and Essex Community College are all within walking distance, while the seller’s 152-unit 24 Jones community sits adjacent to the shopping center. ShopRite anchors it, while a variety of tenants from the restaurant, retail and medical sectors—including Ashley Stewart, Venus Beauty and Taco Bell—lease the remaining space.
“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” GSAM PRE Co-Head Joseph Gorin said in a prepared statement.
Last month, Goldman Sachs sold a 330,000-square-foot regional mall in California. A global insurance company purchased the asset for $21.5 million.
Image via Google Street View
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