Goldman Sachs Asset Management Private Real Estate, together with Madison Marquette, announced today that they have acquired Springfield Avenue Marketplace, a newly constructed, 112,000 square foot retail center in Newark, NJ, 100% occupied and anchored by a ShopRite grocery store. With a mix of restaurant, retail, and medical tenants, Springfield Avenue Marketplace offers valuable amenities to the surrounding neighborhood.
The shopping center provides tenants with access to a dense consumer base in an urban area where GSAM PRE and Madison Marquette expect to see population increase due to new multifamily construction and corporate expansions. Springfield Avenue Marketplace is conveniently located just over a mile from Newark Penn Station at the highly-trafficked intersection of Springfield Avenue and Jones Street, adjacent to five NJ TRANSIT bus stops, and in close proximity to the Rutgers School of Dental Medicine.
“Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” said Joseph Gorin, Co-Head of GSAM PRE. “We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”
“Madison Marquette believes that Springfield Avenue Marketplace is well-positioned to serve the Newark community, and we look forward to working with our partner, GSAM PRE, to seek to meet the demand and needs from the surrounding community," said David Brainerd, Chief Investment Officer of Madison Marquette.
Springfield Avenue Marketplace is GSAM PRE’s seventh retail investment and fourth acquisition in New Jersey over the past 18 months.
About Goldman Sachs Asset Management Private Real Estate
Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across office, multifamily, retail, and industrial property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, often partnering with operators or property managers to renovate and rebrand assets, including by implementing energy and operating efficiency programs to potentially realize cost savings. The group manages $2.6 billion of real estate assets as of September 30, 2018 and is part of GSAM, one of the world’s leading investment managers with more than $1.3 trillion in assets under supervision globally as of September 30, 2018.
About Madison Marquette
Madison Marquette merged operations with PMRG in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joined PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combined with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 13 regional markets, the merged firm is a member of the Capital Guidance group of companies.
