Goldman Sachs JV Buys NJ Retail Center
- Nov 21, 2018
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.
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