$24.4M acquisition financing for ShopRite-anchored retail center

MORRISTOWN, N.J., Jun. 24, 2025 – JLL Capital Markets announced today that it has arranged a $23.44 million senior financing for Springfield Avenue Marketplace, a 110,551-square-foot ShopRite-anchored retail center located in Newark, New Jersey.

JLL represented the borrower, Medipower, in securing the five-year, fixed-rate loan through Protective Life Corporation.

Springfield Avenue Marketplace, located at 204-234 Springfield Ave., was built between 2015-2016 and is currently 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 contribute to 87% of the property's income and 91% of its gross leasable area.

The center benefits from excellent economic demand generators due to Newark's robust corporate environment, with proximity to major companies and universities. Additionally, NJ Transit offers 113 daily trains connecting Newark Penn Station, just 1.3 miles from the center to New York City's Penn Station in only 18 minutes.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Analyst Christian Badalamenti.

"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."

Mikula added, "We were able to secure attractive financing terms that align with Medipower's investment strategy for this high-performing retail center. The property's strong tenant mix, anchored by a top-performing ShopRite, contributed significantly to lender interest in this transaction."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Medipower is a full-service commercial real estate company, specializing in retail real estate across the Northeast major markets. The company is publicly traded on the Tel Aviv Stock Exchange under the symbol MDPR.

Medipower’s portfolio primarily features open-air, quality well located shopping centers in growing high barrier-to-entry markets.

Protective, a subsidiary of Dai-ichi Life Holdings Inc. with $118 billion in assets as of Dec. 31, 2023, offers life insurance, annuity and asset protection solutions to more than 14.4 million people through its subsidiaries. Headquartered in Birmingham, Alabama with core sites in Cincinnati and St. Louis, Protective's 3,800+ employees focus on delivering on promises to customers, partners, colleagues and communities while cautioning job seekers to verify recruitment communications through their official careers page to avoid fraud.