X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]SOUTH BRUNSWICK, NJ-When Heritage Square Shopping Center, or at least part of it, was sold earlier this year, the buyer was identified only as, “a Northern New Jersey-based entity. Now that buyer has been identified and details of the sale clarified a bit with the news that the Morris Cos. of Rutherford, NJ has picked up $16.5 million in permanent mortgage financing for an 80,800-sf portion of the overall 200,000-sf complex.

The financing was arranged by James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook, NJ. Northwestern Mutual Life provided the funding.

[IMGCAP(2)]“Morris was extremely satisfied with the terms provided by Northwestern Mutual Life,” Gunning says. “The lender provided certainty of execution and very favorable financing in light of terrible market conditions.”

The funding completes Morris’ acquisition, which involved a multi-tenant portion of the three-building complex. The bulk of Heritage Square consists of a 120,000-sf Target store, owned by that company, which shadow anchors the property. The center’s in-line tenants include Best Buy, 30,000 sf, Staples, 20,400 sf, PetSmart, 15,000 sf, Chase Bank, Dunkin Donuts, Subway and Supercuts.

Located on 72 acres at Stouts Lane and Route 1 north of Princeton, the property was developed and subsequently sold by Pineville Development Associates LP, an affiliate of the Valley Forge, PA-based Pineville Properties. The sale transaction was brokered by Metro Commercial.

Heritage Square has its genesis with an original proposal by Pineville in 2004. Actual construction began in early 2006, and completed a year ago. For its part, the retail portion of Morris Cos.’ mixed portfolio consists of 11 shopping centers totaling more than two million sf in New Jersey, New York, Pennsylvania and Florida.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.