NYC-Area Power Center Gets $30M Refi

Roxbury Mall was redeveloped in the 1970s. Image courtesy of JLL Capital Markets

Roxville Associates has received $30 million for the refinancing of Roxbury Mall, a 700,000-square-foot regional power center in Succasunna, N.J. JLL Capital Markets secured the 10-year, fixed-rate loan through Jackson National Life Insurance Co., according to public records.

Anchored by ShopRite since it came online in its current form in 1974, the retail center also features a diverse mix of national and local tenants such as Home Depot, Kohl’s, Bank of America, GameStop, Ramsey Outdoors, Petco, Panera, U.S. Post Office, Famous Footwear and Planet Fitness.

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The 57.7-acre property also includes a 60,000-square-foot medical office building and a 30,000-square-foot office building. Fidelity Management of Chatham manages the grocery-anchored shopping center.

Senior Managing Directors Jon Mikula and Jim Cadranell, together with Associate Ryan Carroll, led the JLL Retail Capital Markets team working on behalf of the borrower. Another JLL team has recently represented DRA Advisors in the sale of a 119,446-square-foot grocery-anchored shopping center in Wilmington, Del.

New York City sees solid positive absorption in Q3

Located at 275-281 State Route 10 in the West Morris retail submarket, Roxbury Mall is near State Route 46 and Interstate 80, which provide direct access to the New York City metropolitan area. The shopping center serves around 35,000 residents within a 3-mile radius, with average the household income of approximately $140,000.

The U.S. retail sector has shown signs of improvement during the third quarter of this year, according to a recent CBRE report. Tenant demand increased in Q3, while net absorption went up 34 percent over the quarter to 9.8 million square feet. New York City was one of the top five markets for positive absorption, with nearly 600,000 square feet.