Goldman Sachs and Madison Marquette Acquire Grocery-Anchored Newark Retail Center
With a mix of restaurant, retail, and medical tenants, Springfield Avenue Marketplace offers valuable amenities to the surrounding neighborhood.
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.