A long-vacant commercial building along Route 46 in Clifton will be transformed into a grocery store retail center after closing an $11.5 million financing deal.
JLL Capital Markets arranged $11.5 million in acquisition financing for the 4.3-acre retail center on Route 46, according to a statement released Thursday.
JLL said the center was formerly home to Unclaimed Freight, a furniture store informally known to locals as the Unclaimed Freight Centre.
Construction on the 48,535-square-foot property is expected to begin immediately, the statement said.
The project is expected to be completed within 18 months.
The retail center will undergo approximately $1.5 million in capital improvements, including exterior enhancements, signage upgrades, parking garage repairs, HVAC replacement and roof updates.
The three-year floating-rate loan is guaranteed by Fidelity Investments on behalf of the borrower.
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