Prism, Northwestern complete purchase of Woodbridge redevelopment site

Demolition to commence in July for mixed-use, transit-oriented project

Linda Lindner//June 21, 2019//

Demolition to commence in July for mixed-use, transit-oriented project

Linda Lindner//June 21, 2019//

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Rendering for the redevelopment site at the corner of Rahway Avenue and Green Street in Woodbridge. – PRISM CAPITAL PARTNERS

A joint venture of Prism Capital Partners and Northwestern Mutual Insurance Co. has completed the purchase of a 5-acre redevelopment site at the corner of Rahway Avenue and Green Street in Woodbridge – the former Lucas Chevrolet dealership site.

With full approvals in place, Prism – as operating partner – will transform the site into a mixed-use, transit-oriented community consisting of 232 apartments and 12,000 square feet of retail space.

Demolition work will commence in July. The property is located in the heart of Woodbridge’s walkable downtown, next to Woodbridge Station.

Cushman & Wakefield’s New Jersey capital markets team orchestrated the joint venture purchase, in which Northwestern Mutual Insurance also is serving as construction lender.

The commercial real estate services firm’s Andrew Merin led the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd.