ShopRite-anchored retail center in Woodbridge secures $43M refinancing

Jessica Perry//February 7, 2023

ShopRite-anchored retail center in Woodbridge secures $43M refinancing

Jessica Perry//February 7, 2023

Ideally situated with direct access to U.S. Route 1&9 and 100% occupied, retail center St. George’s Crossing in Woodbridge secured $43.2 million in refinancing.

JLL Capital Markets represented the landlord, Levin Properties LP, to secure the 12-year, fixed-rate loan through PGIM Real Estate, the firm announced Feb. 7.

With 343,423 square feet, the retail property at 855 St. Georges Ave. is anchored by Saker ShopRite (27.2% of gross leasable area), P.C. Richard & Son (11.2% of GLA), PetSmart (5.2% of GLA) and TJ Maxx (6.9% of GLA).

St. Georges Crossing, Woodbridge.
St. George’s Crossing, Woodbridge. – LEVIN MANAGEMENT CORP.

Shoprite, which has operated from St. George’s Crossing since 1987, recently renewed its lease for another 10 years, according to JLL.

The firm said the complex boasts other long-term tenants as well, with 11 occupants’ tenures topping 15 years at the property. The weighted average lease term for the center is 5.42 years.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Analyst Salvatore Buzzerio.

According to a statement from Nalbandian, “There was no shortage of interest to finance this super dominant, Shoprite-anchored center as lenders look to diversify their portfolios outside of multi-housing 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,” he added.

In 2022, Plainfield-based Levin closed more than 1.4 million square feet in new transactions, renewals and extensions, and license agreements — a record-setting achievement for the firm that demonstrates the viability of the sector overall.

Locally, JLL said the North Edison/Woodbridge retail submarket has consistently posted strong fundamentals over the past 10 years, with an average occupancy of 95% since 2012.