Holliday Fenoglio Fowler arranged $25.5 million in acquisition financing for Woodbridge Crossing, a 285,2110 s/f power center in 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.
Woodbridge Crossing was completed in 2001 and renovated in 2018. early 80 percent leased, the center is home to a variety of national and regional tenants, including Burlington Stores, Miracle Ear and FedEx Office.
Situated on 19.09 acres at 451-479 Green Street in one of New Jersey’s prime retail corridors, it is 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.
“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.”