JLL Capital Markets on Tuesday said it helped secure a $43.2 million refinancing for St. Georges Crossing, the 343,423-square-foot, ShopRite-anchored shopping center in Woodbridge.
JLL exclusively represented the landlord, Levin Management Corp., to secure the 12-year, fixed-rate loan through PGIM Real Estate.
St. Georges Crossing is currently 100% occupied and anchored by Saker ShopRite (27.2% of gross leaseable area), P.C. Richard & Son (11.2% of GLA), PetSmart (5.2% of GLA) and TJ Maxx (6.9% of GLA). The property benefits from long-term tenant tenure of over 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 and is one of the strongest locations in New Jersey.
Located at 855 St. Georges Ave., St. Georges Crossing is extremely well located, with direct access to the heavily trafficked U.S. Route 1 and 9. The center is also less than five miles from the New Jersey Turnpike (Interstate 95), the Garden State Parkway and Interstate 287. The property enjoys convenient access to all parts of Woodbridge and is surrounded by densely populated residential neighborhoods. Additionally, the North Edison/Woodbridge retail submarket has consistently demonstrated strong fundamentals over the last 10 years, with average occupancy of 95% since 2012.
The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and analyst Salvatore Buzzerio.
“There was no shortage of interest to finance this super-dominant, ShopRite-anchored center, as lenders look to diversify their portfolios outside of multihousing and industrial properties. PGIM delivered a long-term, 12-year, fixed-rate financing at a very attractive interest rate that met all of the borrower’s objectives,” Nalbandian stated.
