WOODBRIDGE, NJ–A 74,618-square-foot shopping center here, foreclosed after an A&P grocery store moved out, has been sold for $6.3 million, with NAI James E. Hanson handling the deal.
“This is a property that the lender took back,” said NAI Hanson's Gregory M. James. “We are seeing more lenders in the process of disposing of assets that were taken back during the recession,” he added.
The shopping center at 755-789 St. Georges Avenue is currently 24% occupied. A&P left a 56,691-square-foot vacancy; about 17,927 square feet is occupied by 11 tenants including Subway, Papa John's Supercuts, Rita's and Dollar Surplus.
James worked with NAI Hanson's Hal B. Messer to arrange the sale. NAI DiLeo Bram & Co. Vice Presidents Daniel Duggan and Jeffry Jones represented the buyer, TG Acquisitions.
“The buyer capitalized on a tremendous value-add opportunity along a solid retail corridor in a densely populated area with a high median household income,” Messer said. “Through re-leasing and/or the redevelopment of the vacant space, the buyer will be able to realize increased cash flow.”
Built in 2001, the neighborhood shopping center, located on Route 35, is set on 7.5 acres. It has direct access to Route 1 and 9.
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