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A joint venture has completed its $60.5 million acquisition of an upscale shopping center in Morris Plains, having assumed an existing $30 million conduit loan as part of the deal.

That’s according to a legal team with Cole Schotz PC, which advised Booth Street in connection with its partnership with PCCP LLC. The firms acquired the roughly 180,000-square-foot Briarcliff Commons, located at 1711 Route 10 East, under a transaction announced last month by seller Urban Edge Properties.

Cole Schotz Member Jonathan Goodelman led the deal team alongside members Brian Flank, Jullee Kim, Pam Millard, John Park and Jill Richardson, associates Megan McCurdy and Matthew Asnis and paralegal Gayle Colavito, the firm said last week. They noted that the joint venture assumed the existing loan on the property from LNR Partners LLC.

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