Woodbridge Crossing at 451-479 Green St. in Woodbridge — Courtesy: HFF
(Editor’s note: This story has been updated with information and a quote from Colliers International, which sourced the buyer in the recent sale of Woodbridge Crossing.)
By Joshua Burd
A private investment firm has purchased a 285,211-square-foot retail center in Woodbridge with the help of a newly announced, $25.5 million acquisition loan brokered by HFF.
The capital markets firm said it represented the borrower, PAG Investments, in sourcing the loan for its acquisition of Woodbridge Crossing at 451-479 Green St. Citizens Bank provided the five-year, fixed-rate loan for the property.
The HFF debt placement team representing PAG Investments included managing directors Michael Klein and Rob Hinckley.
“HFF is pleased to have helped PAG Investments secure financing once again,” Klein said. “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.
“Woodbridge is consistently considered of the of the strongest suburban retail markets in the Northeast,” said Chesler, an executive managing director based in Colliers’ Parsippany office. “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.”
Onyx Equities LLC has owned the property in recent years and oversaw renovations dating back to fall 2017, which coincided with some 100,000 square feet of new leasing and renewal activity. HFF and PAG Investments did not identify the seller by name, but alluded to the recent renovations at the 18-year-old power center.
Nearly 80 percent leased, the complex is home to national and regional tenants including Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park and Modell’s, according to a news release. The roughly 19-acre property sits adjacent to the busy intersection of Routes 1 and 9, exposing the center to some 85,000 vehicles per day.