New Jersey retail center secures $43.2M in refinancing

MORRISTOWN, Feb. 7, 2023 – JLL Capital Markets announced today that it has closed the $43.2 million refinancing of St. Georges Crossing, a 343,423-square-foot, Shoprite-anchored shopping center located in Woodbridge, New Jersey.

JLL exclusively represented the landlord, Levin Properties, L.P., to secure the 12-year, fixed-rate loan through PGIM Real Estate.

St. Georges Crossing is currently 100-percent-occupied and anchored by Saker ShopRite (27.2% of GLA), 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 eleven tenants and a weighted average lease term of 5.42 years. Shoprite, who has anchored the center since December 1987, just renewed its lease for another ten 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 95.0% 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 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,” stated Nalbandian.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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