R&O Woodbridge Urban Renewal, LLC, a joint venture between Russo Development and Onyx Equities, has purchased a 21-acre, mixed-use redevelopment site from multiple undisclosed sellers, announced Cushman & Wakefield.
The site is approved for 376 units and 20,000 s/f of retail space scheduled to break ground in the summer of 2020. The commercial real estate services firm’s New Jersey Capital Markets team arranged the sale of the land situated along Main Street in Woodbridge, N.J.
Cushman & Wakefield’s Don Eisen, James Frank, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd represented the seller and procured the buyer. The property, which includes multiple contiguous parcels, was sold with site plan approval in place for a mixed-use development.
“The site’s designation by Woodbridge Township as ‘an area of need of redevelopment’ provided unique flexible zoning and set the framework for the approvals to be obtained,” said Whitmer. “It’s a tremendous opportunity for the buyer as Woodbridge is undergoing a significant renaissance.”
Situated in a crossroads location, the property is near Route 9 placing it within minutes of the Turnpike, Garden State Parkway and I-440.
The immediate area is a destination retail hub offering more than three million square feet of shopping, entertainment and services, including a Wegman’s Grocer across the street, in addition to numerous big box retailers and restaurants.