2017 Aerial view of Springfield Avenue Marketplace, Newark, NJ
NEWARK, NJ—Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000 square foot retail center in Newark, NJ, that is 100%-occupied and anchored by a ShopRite grocery store. With a mix of restaurant, retail, and medical tenants, Springfield Avenue Marketplace offers valuable amenities to the surrounding neighborhood.
The shopping center provides tenants with access to a dense consumer base in an urban area where GSAM PRE and Madison Marquette expect to see population increase due to new multifamily construction and corporate expansions. Springfield Avenue Marketplace is conveniently located just over a mile from Newark Penn Station at the highly-trafficked intersection of Springfield Avenue and Jones Street, adjacent to five NJ TRANSIT bus stops, and near the Rutgers School of Dental Medicine.
“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” says Joseph Gorin, co-head of GSAM PRE. “We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”
“Madison Marquette believes that Springfield Avenue Marketplace is well-positioned to serve the Newark community, and we look forward to working with our partner, GSAM PRE, to seek to meet the demand and needs from the surrounding community,” says David Brainerd, chief investment officer of Madison Marquette.
Springfield Avenue Marketplace is GSAM PRE's seventh retail investment and fourth acquisition in New Jersey over the past 18 months.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
