Vintage New Jersey Mall Eyed for 21st-Century Makeover
- Sep 11, 2019
A New Jersey-based developer has secured a $72.5 million construction loan which will allow the company to move forward with the redevelopment of a former shopping mall in Roxbury Township, N.J. Santander Bank provided the loan to Advance Realty Investors affiliates, the owners of upcoming The Shops at Ledgewood Mall. A Cushman & Wakefield team of John Alascio, Sridhar Vankayala, TJ Sullivan and Zachary Kraft represented the ownership in the deal.
Opened in 1972, the former Ledgewood Mall is directly off Route 10, just 25 minutes south of Newton, N.J. The proposed 470,000-square-foot shopping center will be in the heart of Morris County, along a well-known trade corridor and close to main thoroughfares such as Route 46 and Interstate 80.
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Following the redevelopment, a modern, open-air retail center will replace the old, traditional, enclosed mall. The property has already pre leased several of the spaces and recommitted a number of existing tenants of the mall. According to the New Jersey Herald, various eateries have been added to the list of already secured retailers. Additionally, a 164,000-square-foot Walmart Supercenter will anchor the new development.
A partnership of Advance Realty Investors, DeBartolo Development and Invesco Real Estate purchased the property in 2015 and began redeveloping it in 2017. Previous owners include Acadia Realty Trust, AC | Ledgewood LLC and Baltoro Capital Management.
In May, another New Jersey mall received financing for upgrades. Sun Equity Partners landed a $46.5 million loan from JPMorgan Chase to refinance Greenleaf at Howell, a retail shopping center in Howell. N.J. The 343,354-square-foot center opened in 2015 and is anchored by a BJ’s Wholesale Club and LA Fitness.