LINDEN, NJ—A Walmart-anchored shopping center in development by a joint venture of Cypress Equities of Dallas and San Francisco-based Stockbridge has secured $90 million in construction financing to complete the project.
Cypress reports that an unnamed insurance company is the lender on the new debt facility for Legacy Square. Chris Maguire, chief executive officer for Cypress Equities, says the new financing will allow the Cypress-Stockbridge partnership to complete the two-phased development.
Phase 1 of Legacy Square was completed in late 2019 with the opening of a 185,000-square-foot Walmart Supercenter and seven finished pad sites. Phase two is now under construction and will open in early 2021. Phase two will add 157,000 square feet of new space to the development.
Current signed leases include LA Fitness, Chick-fil-A, Taco Bell, Supercuts, Hook & Reel, Panda Express and Verizon. The nearly 47-acre site is located at the intersection of US Route 1/9 (West Edgar Road) and Pleasant Street along the primary retail corridor in Linden.
Hugh Kelly and Brian von Schmid of Cypress’ sister company SRS Real Estate Partners’ New York City office are handling the leasing for the project.
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. Cypress Equities operates offices in Dallas, New York and Atlanta.
Stockbridge has approximately $16.3 billion of assets under management (as of Dec. 31, 2019) throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago.