Woodbridge Crossing, 475 Green St., Woodbridge, NJ
WOODBRIDGE, NJ—New York-based PAG Investments, a privately-held real estate investment firm, will use $25.5 million in acquisition financing arranged by Holliday Fenoglio Fowler to complete the acquisition of Woodbridge Crossing, a 285,2110-square-foot power center located in the central New Jersey community of Woodbridge, NJ, from Onyx Equities. The seller was identified by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, which indicated Onyx acquired the center in 2012.
The HFF debt placement team representing the borrower, which included managing directors Michael Klein and Rob Hinckley, worked on behalf of the borrower to place the five-year, fixed-rate loan with Citizens Bank.
“HFF is pleased to have helped PAG Investments secure financing once again,” Klein says. “PAG had a unique opportunity to acquire a value-add retail center in one of the state's primary retail corridors. In a short time, PAG Investments will be able to execute its business plan and stabilize the center.”
A Colliers International team led by Jacklene Chesler, Patrick Norris and Matthew Brown sourced the buyer, PAG Investments.
“Woodbridge is consistently considered of the of the strongest suburban retail markets in the Northeast,” says Chesler. “We're pleased that we were able to match PAG Investments with an asset that will attract strong, long-term tenants and continue offering a best-in-class retail experience.”
Woodbridge Crossing was completed in 2001 and recently renovated in 2018. Nearly 80 percent leased, the center is home to a variety of national and regional tenants, including Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell's, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office.
Situated on 19.09 acres at 451-479 Green Street in one of New Jersey's prime retail corridors, Woodbridge Crossing is in the North Edison/Woodbridge retail submarket adjacent to the intersection of US Routes 1 and 9, exposing the center to approximately 85,000 vehicles per day. The center is in Middlesex County, the second most populated county in the state, and more than 136,700 residents earning an average annual household income of $93,207 live within a three-mile radius of the center.
Citizens' Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors. Citizens provides loans for multifamily, office, retail, industrial and hospitality properties, lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies and on bridge and term basis.
UPDATE, 3/22/2019, 11:44 a.m.: Additional information regarding the Colliers International team that identified the property purchaser, which was not provided to GlobeSt.com with the original story, has been added to this story.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
