An affiliate of Mattone Investors has received a USD 32 million loan to refinance Springnex Plaza. This 96,028 square foot shopping centre in Springfield Gardens, a neighbourhood in Queens, is anchored by a Stop & Shop supermarket.
The Principal Financial Group provided the financing, while Robert Delitsky and Charles Cotsalas of Northmarq arranged the transaction. The shopping centre is situated on a 5.58-acre site and is 100 percent leased. Mattone Investors has owned the 5-acre property since 2020 and has continuously maintained full occupancy.
Market Attractiveness of Supermarket-Anchored Properties
Mr Delitsky noted that Mattone Investors first developed Springnex Plaza six years ago and has since “done an excellent job in maintaining very strong occupancy.” This underscores the property's resilience and attractiveness in the current market environment.
Mr Cotsalas added that “supermarket-anchored shopping centres like Springnex Plaza will continue to attract very strong lender interest in today’s market.” This statement highlights the robust demand from investors and financial institutions for stable retail properties with a strong tenant base.
Details on Location and Tenants
Springnex Plaza is located at 134-40 Springfield Boulevard. In addition to the anchor tenant Stop & Shop, the tenant roster includes other well-known brands. These include IHOP, fashion retailer Ashley Stewart, and Northwell Health GoHealth Urgent Care. This diversification of tenants contributes to the centre's stability and appeal.
