{"id":1004280767,"date":"2018-11-21T00:23:02","date_gmt":"2018-11-21T08:23:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004280767"},"modified":"2018-11-21T00:23:02","modified_gmt":"2018-11-21T08:23:02","slug":"goldman-sachs-jv-buys-nj-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-buys-nj-retail-center\/","title":{"rendered":"Goldman Sachs JV Buys NJ Retail Center"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004280785\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004280785\" data-attachment-id=\"1004280785\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-buys-nj-retail-center\/annotation-2018-11-20-150537\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg\" data-orig-size=\"899,697\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Springfield Avenue Marketplace\" data-image-description=\"&lt;p&gt;Springfield Avenue Marketplace &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Springfield Avenue Marketplace &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg?w=899\" class=\"wp-image-1004280785 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg\" alt=\"Springfield Avenue Marketplace\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg 899w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Annotation-2018-11-20-150537.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004280785\" class=\"wp-caption-text\">Springfield Avenue Marketplace<\/p><\/div>\n<p>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&nbsp;completed the property in 2015.<\/p>\n<p>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\u2019s 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\u2014including Ashley Stewart, Venus Beauty&nbsp;and&nbsp;Taco Bell\u2014lease the remaining space.<\/p>\n<p>\u201c<em>Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers<\/em>,\u201d GSAM PRE Co-Head Joseph&nbsp;Gorin said in a prepared statement.<\/p>\n<p>Last month, Goldman Sachs <a href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-sells-ca-mall-for-22m\/\">sold a 330,000-square-foot regional&nbsp;mall in California<\/a>. A global insurance company purchased the asset for $21.5 million.&nbsp;<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Springfield Avenue Marketplace in Newark comprises 120,000 square feet and provides residents from the area\u2014including students from four universities\u2014a wide array of shopping and dining options.<\/p>\n","protected":false},"author":241,"featured_media":1004280785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21749],"tags":[33435,33671,37599,38993,39348],"class_list":["post-1004280767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-goldman-sachs","tag-madison-marquette","tag-shoprite","tag-taco-bell","tag-tucker-development-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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