Ron Stern Of Medipower Acquires Springfield Avenue Marketplace From Goldman Sachs Alternatives For $37.5M

The property asset involved in the transaction is a nearly fully leased mixed-use center located at 204-234 Springfield Avenue, Newark, comprising 110,551 square feet. The sale price for this retail asset was $37,500,000, equating to a price per square foot of $339.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $37,500,000
• Square Footage: 110,551
• Address: 204-234 Springfield Avenue
• Market: Newark
• Buyer: Ron Stern - Medipower
• Seller: Goldman Sachs Alternatives
• Brokers: Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr & Travis Langer - CBRE

The transaction was facilitated by the brokerage team from CBRE, who represented Goldman Sachs Alternatives in the sale to the Israeli firm Medipower. The center is anchored by a 71,000-square-foot Shoprite, contributing to its tenant mix and leasing status.