JLL Capital Markets arranged a $23.44-million senior financing for Springfield Avenue Marketplace, a 110,551-square-foot ShopRite-anchored retail center located in Newark. Senior managing directors Jim Cadranell and Jon Mikula and analyst Christian Badalamenti represented the borrower, Medipower, in securing the five-year, fixed-rate loan through Protective Life Corporation.

Located at 204-234 Springfield Ave., Springfield Avenue Marketplace was built between 2015 and 2016. It is 96% occupied by a diverse tenant roster, including national and credit retailers. The property features a ShopRite supermarket with national tenants including H&R Block, Ashley Stewart, T-Mobile, Hook & Reel, Taco Bell, McDonald’s and Popeyes. Newark Penn Station is 1.3 miles from the center, providing access to New York.

“Springfield Avenue Marketplace represents an excellent investment opportunity, showcasing the continued demand for grocery-anchored retail assets in densely populated urban markets,” said Cadranell. “The property’s strategic location in Newark provides exceptional connectivity to New York City while serving a large residential customer base.”