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| Woodbridge Crossing Power Center, Woodbridge, NJ |
MORRISTOWN, NJ –– Holliday
Fenoglio Fowler, L.P. (HFF) announces that it has arranged $25.5 million in
acquisition financing for Woodbridge Crossing, a 285,2110-square-foot
power center located in the central New Jersey community of Woodbridge, New
Jersey.
The HFF team worked on behalf of
the borrower, PAG Investments, to place the five-year, fixed-rate loan with
Citizens Bank.
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| Michael Klein |
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 U.S. 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.
The HFF debt placement team
representing the borrower included managing director Michael Klein and
managing director Rob Hinckley.
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| 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.”
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.
More information is available at www.citizensbank.com or visit us on
Twitter, LinkedIn or Facebook.
CONTACTS:
MICHAEL KLEIN
HFF Managing Director
(973) 549-2000
KIMBERLY STEELE
HFF
Digital Content/Public Relations Specialist
(713)
852-3420
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