Underscoring the appeal of needs-based retail centers, the 700,000-square-foot grocery-anchored Roxbury Mall in Morris County recently secured refinancing.
JLL Capital Markets announced Nov. 14 it arranged a 10-year, fixed-rate loan through an unnamed life company for the Succasunna center on behalf of the borrower, Roxville Associates. Financial terms were not disclosed.
Located at 275-281 Route 10, at the intersection with Commerce Boulevard, Roxbury Mall is managed by Fidelity Management of Chatham.
Its anchor supermarket, ShopRite, has operated at the center since 1974, according to JLL. The complex also includes a 60,000-square-foot medical office building with a surgery center, a 30,000-square-foot office building and parking for up to 2,200 cars.
The remaining roster features both national and local tenants, including Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera, U.S. Post Office and Planet Fitness.
The JLL Retail Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell along with Associate Ryan Carroll.
“Necessity retail continues to be in favor in the debt market,” Mikula said in a statement. “Roxville Associates and its managing agent, Fidelity Management LLC, have created a one-stop shop experience in the region.”
Roxbury Mall is located a half mile from Route 46 and 2 miles from Interstate 80. According to Placer.ai data, the center recorded nearly 344,000 visits in October 2023.
JLL said there are 35,000 residents within 3 miles of the property and an average household income of approximately $140,000. According to Fidelity’s website, within 10 miles of the center – still considered a “high” trade area for the site by Placer.ai – there are more than 105,673 households with a median income of over $121,000.