Cronheim Mortgage arranged $13.1 million in financing for two shopping centers located in Roselle and Elizabeth, NJ. Andrew Stewart, Dev Morris, and Allison Villamagna secured the 10-year interest-only financing on behalf of an affiliate of NJ-based Color Management.
Color Plaza is a 49,309 square feet retail property located in Elizabeth, NJ, just minutes from I-95, Newark International Airport, and the Port of Newark. At closing, the Subject was fully leased to a diverse mix of 12 tenants, with several tenants having been in occupancy since the 90’s. The Subject is anchored by Seabras, a Portuguese market, and CVS. Other tenants include a nail salon, dental center, Rainbow clothing store, Karate studio, laundromat, Chinese restaurant, dollar store, and a Santander Bank on a pad. The property has experienced low vacancy rates given its strategic location in one of the densest neighborhoods. Elizabeth has a population of 137,298 residents.
Roselle Commons is a 50,142 square foot shopping center that is located on the north side of E. 1st Avenue in Roselle, NJ, less than two miles from Color Plaza. The property was developed in 2004 and was 100% leased at closing to 18 tenants including Pep Boys, Green Grocer, Quest Diagnostics, GNC, and T-Mobile, among many others. The site is shadow anchored by Home Depot, and ShopRite is less than half a mile away. The site encompasses approximately 2.870 acres and is situated within an incredibly dense neighborhood, just east of Elizabeth.