NAI Hanson Closes Sale of Shopping Center in Woodbridge, N.J.
— Tenants Include National Brands Subway, Supercuts and Papa John’s —
WOODBRIDGE, N.J. (May 17, 2013)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the $6.3-millon sale of a 74,618-square-foot shopping center located at 755-789 St. Georges Avenue in Woodbridge N.J.
NAI Hanson Vice President Hal B. Messer, MSRE, and Director of Capital Markets Gregory M. James assisted in arranging the purchase of the property. NAI DiLeo Bram & Co. Vice Presidents Daniel Duggan and Jeffry Jones represented the buyer, TG Acquisitions, LLC.
The 24-percent occupied neighborhood shopping center is located on a 7.5-acre tract. Built in 2001, the two-story property has masonry construction and a land area of 328,007 square feet with 403 surface parking spaces. The center is located on Route 35, the dominant north-south local artery, and has direct access to Route 1 and 9.
Currently, there is a 56,691-square-foot vacancy in space formerly occupied by A&P. Approximately 17,927 square feet is occupied by 11 tenants including Subway, Papa John’s Supercuts, Rita’s and Dollar Surplus.
“The buyer capitalized on a tremendous value-add opportunity along a solid retail corridor in a densely populated area with a high median household income,” Messer said. “Through re-leasing and/or the redevelopment of the vacant space, the buyer will be able to realize increased cash flow.”
Added James: “This is a property that the lender took back. We are seeing more lenders in the process of disposing of assets that were taken back during the recession.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.