Cronheim Mortgage has arranged $21 million in permanent financing for a 108,000 square foot grocery-anchored shopping center located in New Providence, NJ. The 10-year financing amortizes over 30 years and was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicer. The borrower is a wholly-owned subsidiary of Urstadt Biddle Properties Inc.
The subject property is anchored by ACME who occupies 45,464 square feet (previously occupied by A&P) and is complemented by a host of inline retailers including CVS, Starbucks, Chipotle, Jersey Mikes, Pure Barre, Orange Theory, Wine Outlet, Chopt, Choice Pet Supply, and Kessler Rehab, among many others. The property is 100% leased.
The Subject is located on Springfield Avenue and serves the affluent demographic of Union County. Within a 5-mile radius of the property, the population is 175,230± with an average household income in excess of $209,000±. New Providence and the surrounding towns are home to various corporate campuses and several notable companies are either headquartered or have large offices in the region including Merck & Co., Bristol-Myers Squibb, Celgene, MetLife, AIG, Nokia Bell Labs, Samsung, and L'Oréal.
New Providence is a Union County borough with small-town charm. Situated between two ridges of the Watchung Mountains, it’s home to tree-lined streets, a small downtown, and numerous parks while offering residents a manageable commute to Manhattan (28 miles east). There are two train stations, weekday buses, and easy access to the New Jersey Turnpike, the Garden State Parkway, and I-78. This strategic location and access to transportation, coupled with a strong K-12 school system position New Providence as a highly desirable place to live.
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) is a self-administered equity real estate investment trust which owns or has equity interests in 81 properties containing approximately 5.2 million square feet of space. They are currently in acquisition mode and seeking to grow their premier grocery-anchored shopping center portfolio in the suburban New York Metro Area. UBP has been listed on the New York Stock Exchange since 1970. It has paid 203 consecutive quarters of uninterrupted dividends to its shareholders since its inception.