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CBRE arranged financing for the grocery-anchored Convery Plaza in Perth Amboy following Sterling Organization‘s acquisition of the site last fall.

Fully leased, the neighborhood shopping center comprises 91,280 square feet. The 60,665-square-foot ShopRite has operated at the Middlesex County property since 2012.

According to a May 18 announcement from CBRE, an Atlanta-based Debt & Structured Finance team represented the borrower, Sterling Organization. Nationwide provided the $18.42 million refinancing loan.

West Palm Beach-based Sterling announced its off-market acquisition of the property at 365 Convery Blvd. in October 2025. The property sits on approximately 8.9 acres at the signalized intersection of Convery Boulevard and Fayette Street. Its location offers frontage along three thoroughfares.

CBRE identified Convery Plaza as the only major grocery-anchored center south of Route 440. As such, it draws from a large trade area of 121,900 residents within a 3-mile radius. Other tenants at the property include: Dunkin’, Santander Bank, H&R Block, MetroDoc Urgent Care and other local businesses. The firm said the weighted average lease term across the neighborhood shopping center’s 15 tenants is 6.1 years.

CBRE Senior Vice President Richard Henry said grocery-anchored, infill locations draw strong interest from lenders. “ShopRite’s performance here gave lenders a clear picture of the demand driving this asset, and Nationwide was the right partner to structure a loan that reflects the property’s long-term stability,” he said.

Vice Chairman Mike Ryan, Senior Vice President Blake Cohen and First Vice President JP Cordeiro also worked with Henry.

Elsewhere in Perth Amboy …

More than 600 market-rate apartments will officially rise along the shoreline of the Arthur Kill in Perth Amboy, following approval for Kushner Cos.’ Sea Gate proposal.

Commenting on the addition last year, Sterling Organization Principal Bob Dake said the company looked “forward to making thoughtful enhancements to the tenant mix and operations of this core asset.”

According to LoopNet, the property was built in 1987.

Principal Jordan Fried described the acquisition of the neighborhood shopping center as a long-term effort. “It’s always great to buy assets our competitors are just not seeing. Convery Plaza was a result of five years of relationship building with the seller,” he noted.

According to its website, Sterling’s other New Jersey properties include Lodi Marketplace in Lodi (121,857 square feet), Mill Pond Village in Sewell (98,164 square feet) and Riverfront Plaza in Hackensack (128,976 square feet).