Neptune Plaza Shopping Center

NEPTUNE, NJ-The New Jersey office of Holliday Fenoglio Fowler, LP has arranged $23.8 million in acquisition financing for Neptune Plaza Shopping Center, a grocery-anchored shopping center located at 2200 State Rt. 66 here.

Working exclusively on behalf of the Azarian Group, HFF senior managing director Thomas Didio and associate director Michael Klein placed the five-year, fixed-rate loan with a local commercial bank. According to the pair, loan proceeds were used to acquire the property.

With the acquisition, Azarian expands its portfolio of New Jersey- and New York-based shopping centers, including Pine Brook Plaza, Raritan Center, Montvale Shopping Center and the Hyde Park Mall.

Originally completed in 1970, Neptune Plaza was renovated and expanded in 2002 to its current size of 218,524 square feet. Tenants at the fully-occupied center include ShopRite, Marshall’s, HomeGoods, Quizno’s, IHOP, Dunkin’ Donuts and a TD Bank North outparcel.

In a separate deal, HFF’s Florham Park office, along with its Chicago counterpart, has secured a $12.5 million refinancing for Baker Hill Shopping Center, a 135,355-square-foot, grocery-anchored space located at 830 Roosevelt Rd. in Glen Ellyn, IL.

Working exclusively on behalf of Columbia Retail Baker Hill LLC, a Regency Centers-operated JV, HFF managing director Jim Cadranell and director Matthew Schoenfeldt placed the five-year, fixed-rate loan with Ladder Capital Finance.

This was the second financing for Regency Centers placed by HFF within the last nine months; the first of which involved $43 million for Hollymead Town Center in Charlottesville, VA; Signal Hill Shopping Center in Manassas, VA; and John’s Creek Center in Jacksonville, FL.