$19M refinancing for grocery-anchored retail center in North New Jersey

Holliday Fenoglio Fowler, L.P. (HFF) announces the $19 million refinancing for The Middle Brook Center, a fully leased, 104,331-square-foot, grocery-anchored retail center in the North New Jersey community of Bound Brook, New Jersey.

The HFF team worked on behalf of the borrower, Advance Realty, to place the 11-year, full term, interest only loan with Nationwide Life Insurance Company. Additionally, HFF will service the loan.

The three-building retail center is anchored by the ShopRite of Bound Brook, the preeminent grocer in the local community, and home to Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. Situated on 12.57 acres at 601 Tea Street, The Middle Brook Center is in Bound Brook, a community in Somerset County, and at the intersection of West Union Ave (Route 28) and Tea Street directly adjacent to the heavily trafficked on-ramp to Interstate 287. The property has frontage along Route 28 which has average daily traffic volume of 18,268 vehicles, and is easily accessible from Routes 28 and 22 and Interstate 287. More than 10,470 residents earning an average annual household income of more than $100,000 live within a one-mile radius of the center.

The HFF debt team representing the borrower included senior managing director Greg Nalbandian.

“This refinance was an exceptional execution providing for a six-month forward rate lock at a very minor increase to the overall spread at the end of 2017 before treasuries increased 50 basis points. Full term interest only for 11 years and a minor cash out were also very attractive loan terms,” stated Nalbandian.

“We’re very pleased with HFF and our team’s collective effort to create long term value for this generational asset and to grow our relationship with our credit partner.” Said Alexander Cocoziello, Principal at Advance Realty. “Through this groups firm understanding of the shifting monetary environment, we were able to move quickly and efficiently towards closing.”

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

About Advance Realty

Among real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 15-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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