G.S. Wilcox & Co. Secures $26 Million Loan For Blue Star Shopping Center Redevelopment In Watchung

The property asset involved in the transaction is the Blue Star Shopping Center, located at 1701 US Route 22 in Watchung. This retail asset encompasses a total square footage of 420,000. A loan amounting to $26,000,000 has been secured for its redevelopment, structured as a full-term, interest-only loan.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $26,000,000
• Address: 1701 US Route 22
• Market: Watchung
• Asset Square Footage: 420,000
• Loan Terms: full-term, interest-only

David Fryer from G.S. Wilcox & Co. acted as the broker representing the loan transaction. The redevelopment's Phase I has introduced a new ShopRite of 72,000 square feet and Phase II will include additional retailers such as Burlington, a relocated Marshalls, and new tenants including Planet Fitness, Five Below, and Taco Bell.