The financing package was arranged by Tom Didio, senior managing director in the Edison, NJ office of Holliday Fenoglio Fowler, who represented the borrower in the transaction. The fixed-rate, 25-year loan was secured through Aetna, which is one of HFF's correspondent lenders, according to Didio.
The property, anchored by a ShopRite supermarket, contains a total of just under 74,500 sf of retail space, along with 19,200 sf of office space and a 204-space parking lot. ShopRite is part of a retailer-owned food cooperative run by the Wakefern Food Corp. of Elizabeth, NJ, and currently commands a one-third market share in Northern New Jersey. The local store is owned by Inserra Supermarkets Inc. The company also owns and operates 20 other ShopRite supermarkets and superstores in New Jersey and New York.
"The City of Hoboken has been focusing on residential expansion throughout the last decade," according to Didio. "This project adds a key retail component to that expansion.
"The new ShopRite store will be the only full-size supermarket in the city of 38,000 people," he continues. "It will provide a long-awaited amenity to the local residents."
Besides the supermarket, the complex will include two other tenants bearing the ShopRite name. The complex's roster also includes ShopRite Liquors and ShopRite Video.
For its part, the New Jersey office of HFF has completed close to $1.2 billion in transactions since 1998, according to Didio.
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