Woodbridge Crossing at 451-479 Green St. and 1-5 Quality Way in Woodbridge — Courtesy: JLL
By Joshua Burd
An investment firm is seeking a buyer for nearly 290,000 square feet of retail space at the nexus of two major highways in Woodbridge, with the potential to command some $40 million for the asset.
According to JLL, which is marketing the property for sale, Woodbridge Crossing is 94 percent leased with a roster that includes Burlington and Big Lots as anchor tenants. The complex at 451-479 Green St. and 1-5 Quality Way is also home to users such as K&G Fashion Superstore, FedEx Office, T-Mobile and Planet Fitness, all of which benefit from Route 1’s annual average daily traffic of nearly 63,000 cars, as well as Route 9’s AADT of nearly 46,000.
Notably, the property has experienced a surge of activity with more than 30,000 square feet of new leases commencing since 2022, JLL said. Ownership also has letters of intent for more than 7,100 square feet with tenants including four national operators.
“The center’s main anchors perform exceptionally well, with Woodbridge Crossing being Burlington’s and K&G Fashion Superstore’s best locations in New Jersey by number of visits,” JLL wrote in its offering materials, citing data from Placer.ai. “Big Lots’ location at the property is their (second) best out of their 28 locations in the state.
“Complementary tenancy drives consumer traffic within the center via apparel, home goods, personal services, fitness and recreational uses. Big Lots’ grocery component further contributes to the diversity of uses and boosts consumer traffic to the center.”
The JLL marketing team for the 285,673-square-foot property includes Jose Cruz, J.B. Bruno, Kevin O’Hearn and Shaelyn Nuckel, with Max Custer available for financing advisory. They noted that Woodbridge Crossing sits among several major retail properties, including the 1.66 million-square-foot Woodbridge Center Mall and the 1.24 million-square-foot Menlo Park Mall.
Meantime, the trade area has an average household income of $131,303, an average home value of $462,171 and a population of 350,559 within a five-mile radius, JLL said. The firm added that Woodbridge Crossing has a weighted average lease term of 5.6 years.
“Woodbridge Township has experienced a tremendous amount of multifamily development in recent years, with 803 units delivered since 2022,” JLL added, citing developments including Vermella at Woodbridge, The Park at Woodbridge and Modera Woodbridge. “Within a three-mile radius of the property, 180 multifamily units are currently under construction across projects located in Woodbridge and Metuchen with projected completions staggered throughout 2023 and 2024.”
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Author: Joshua Burd