A long-vacant commercial building along Route 46 in Clifton will be transformed into a grocery-anchored retail center following 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 issued Thursday.
The center was previously the home of Unclaimed Freight, which was a furniture store, and unofficially known to locals as the Unclaimed Freight Center, JLL said.
Construction on the 48,535-square-foot property is expected to begin immediately, according to the statement.
Completion of the project is anticipated within 18 months.
The retail center will undergo about $1.5 million in capital improvements, including façade enhancements, signage upgrades, parking lot repairs, HVAC replacements and roof updates.
The three-year, floating-rate loan was secured through Fidelity Investments on behalf of the borrower.