The one-story asset sits on a 31.8-acre site along Route 1 just north of I-295. Built in 1993, the property also has a 3,077-sf ground lease for a pad site, which was not included in the acquisition and financing transaction. Anchor tenants are a Pathmark supermarket and Staples. In-line shops include Pizza Hut, Dunkin Donuts, Haircuttery and Marty's Shoes, and a Fleet Bank branch within the recently renovated Pathmark.
The financing was arranged by Andrew Stewart of David Cronheim Mortgage Corp. Cronheim, based in Chatham, NJ, maintains correspondent and servicing relationships with 10 institutional investors, mostly insurance companies, and also acts as a real estate advisor to two REITs. The firm has satellite offices in Trenton, NJ and Ridgefield, CT, and an affiliate office in New York City.
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