$20.5M Financing Set for NRDC Shopping Center

SOUTH PLAINFIELD, NJ-Owner National Realty & Development, based in Purchase, NY, has obtained a refinancing package totaling $20.5 million for its 309,410-sf Hadley Shopping Center in this northern Middlesex County community. The source of the financing was not disclosed.

The transaction was arranged by Andrew Stewart of David Cronheim Mortgage Corp. of Chatham, NJ. The loan is based on a term of 10 years with an amortization of 30 years, according to Stewart.

Hadley Shopping Center is anchored by a Kohl’s department store, which took over an existing 118,378-sf Caldor lease after the latter went belly-up a few years back. Kohl’s opened up in late 2000 “and has exhibited solid sales performance since,” according to Stewart.

The other anchor is a Super A&P supermarket, which occupies just over 50,000 sf under a long-term lease. Other tenants include a CVS drugstore, Steak & Ale, Petland Discount, Dollar Tree, Dress Barn, Joyce Leslie and Kay-Bee Toys. Also, Kinko’s recently opened a new unit in a 4,500-sf end cap space at the property.

Hadley Shopping Center, which recently underwent a major renovation, sits on a portion of the site of the historic Hadley Field, later Hadley Airport. The airport, which closed back in the late 1950s, was the site of the initiation of night airmail service back in 1925, and was used by legendary aviator Charles Lindbergh on numerous occasions.

The property is located just off I-287 near a number of existing industrial parks and office properties in this. An estimated 10 million sf of office space is situated within an eight-mile trade area. Nearby retail properties include Middlesex Mall, as well as freestanding Home Depot, Wal-Mart, Lowe’s and Costco stores.

NRDC is a development and management firm that has been around for some 40 years. The company has a portfolio of over 12 million sf consisting of more than 100 shopping centers, corporate business centers and residential properties. Cronheim Mortgage, meanwhile, maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies.