CBRE Provides $60M in Financing for New Jersey Retail Center
- Sep 09, 2008
Days after news emerged that Millbrook Properties had acquired the 445,200-square-foot Aviation Plaza retail property in Linden, N.J., in a 1031 exchange transaction, CB Richard Ellis Inc. has revealed it was the source behind the attainment of $60 million in financing for the transaction. Principal Real Estate Advisors provided the loan. Manhasset, N.Y.-based Millbrook snapped up the power center from BlackRock Realty Advisors, which came into possession of the property when it acquired SSR Realty for $325 million in 2004. SSR Realty Advisors paid $54.5 million for Aviation Plaza in 2003; Millbrook reportedly shelled out at total of over $90 million. Located at U.S. Route 1&9 and Stiles St., Aviation Plaza occupies 62 acres that encompasses land that was once home to the Linden Airport. The property was originally developed in 2002, and reached its current size after expansions in 2005 and 2007. Consisting of nine structures, Aviation Plaza is anchored by AC Moore, AMC Theater, Marshalls, Shoprite, Staples and Target. The loan CBRE orchestrated on Millbrook’s behalf has an interest rate of 5.96 percent.