Wednesday, March 20, 2019

HFF announces $25.5 million financing for acquisition of New York-area power center



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. 

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.

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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