St. Georges Crossing at 855 St. Georges Ave. in Woodbridge — Courtesy: Levin Management Corp.
By Joshua Burd
The owner of a ShopRite-anchored retail center in Woodbridge has refinanced the property for more than $43 million, according to a debt placement team with JLL.
Brokers with the firm represented the landlord, Levin Properties LP, to secure the loan in connection with the 343,423-square-foot complex at 855 St. Georges Ave. PGIM Real Estate provided the 12-year, fixed-rate financing, JLL said, noting that the St. Georges Crossing property is 100 percent occupied and anchored by Saker ShopRite, P.C. Richard & Son, PetSmart and TJ Maxx.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian and Analyst Salvatore Buzzerio sourced the $43.2 million loan.
“There was no shortage of interest to finance this super dominant, ShopRite-anchored center as lenders look to diversify their portfolios outside of multi-housing and industrial properties,” Nalbandian said. “PGIM delivered a long-term 12-year, fixed-rate financing at a very attractive interest rate that met all of the borrower’s objectives.”
In a news release, JLL noted that the property benefits from long-term tenant tenure of more than 15 years from 11 tenants and a weighted average lease term of 5.42 years. ShopRite, which has anchored the center since December 1987, just renewed its lease for another 10 years.
St. Georges Crossing has direct access to the heavily trafficked Route 1 & 9 and is less than five miles from the New Jersey Turnpike, the Garden State Parkway and Interstate 287. It’s also surrounded by densely populated residential neighborhoods.