DALLAS (April 6, 2020) – Cypress Equities* (“Cypress”) announced today that it has secured a $90 million construction loan for a Walmart-anchored shopping center in Linden, New Jersey. Phase 1 was completed in late 2019 with the opening of a 185,000/sf Walmart Supercenter and 7 finished pad sites. Phase 2 is now under construction and will open in early 2021. Phase 2 will add 157,000/sf. Current signed leases include LA Fitness, Chick-fil-A, Taco Bell, Supercuts, Hook & Reel, Panda Express and Verizon. The nearly 47-acre site is situated at the intersection of US Route 1/9 (West Edgar Road) and Pleasant Street along the primary retail corridor in Linden, New Jersey.
An insurance company is the lender on the new debt facility. The project is a partnership between Cypress and Stockbridge.
“Cypress is pleased to have closed on this new financing which will allow us to complete the development of Legacy Square and provide a new, unique shopping & dining destination to the community,” stated Chris Maguire, chief executive officer for Cypress Equities.
Hugh Kelly and Brian von Schmid of SRS Real Estate Partners, New York City office, Cypress’ sister company, are handling the leasing for the project.
About Cypress Equities
Cypress Equities* (Cypress) was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the United States. Historically, Cypress has developed and acquired more than 20 million square feet and currently is developing and managing a portfolio primarily focused on retail and mixed-use properties. Today, there are three Cypress Equities offices in the U.S., including Dallas (headquarters), New York and Atlanta. Visit www.cypressequities.com for more information.
* The Cypress Equities name, logo and other marks are trademarks and service marks being licensed to independent operating companies by CE Brands, LLC. Any particular obligation, service or product is the sole responsibility of the specific entity that incurs such obligation or supplies such service or product.
Stockbridge is a real estate investment management firm led by seasoned professionals averaging 25+ years of real estate industry experience. The firm manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $16.3 billion of assets under management (as of December 31, 2019) spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago. www.stockbridge.com
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