Clifton, N.J. — JLL Capital Markets has arranged $11.5 in financing for the acquisition of 1030 — 1050 Route 46, a formerly vacant commercial building that is being redeveloped as a grocery-anchored retail center in Clifton, approximately 12 miles west of New York City. Ryan Carroll, Nazario Paragano and Christian Badalamenti of JLL secured the three-year, floating-rate loan through Fidelity Investments on behalf of the undisclosed borrower.
The building, which occupies a 4.3-acre site at the intersection of Route 46 and Route 3, will undergo approximately $1.5 million in capital improvements, including façade enhancements, parking lot repairs, HVAC system replacements, signage and roof upgrades, as well as additional modernizations to support a repositioned tenant mix. The property was 80 percent preleased at the time of sale.
Construction and property upgrades are expected to begin immediately, with stabilization anticipated within 18 months.