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St. Georges Crossing. Image courtesy of Levin Management
Levin Properties has obtained a $43.2 million loan for the refinancing of St. Georges Crossing, a 343,423-square-foot, grocery-anchored retail center in Woodbridge, N.J. Working on behalf of the borrower, JLL Capital Markets arranged the 12-year, fixed-rate financing through PGIM Real Estate.
Saker ShopRite, P.C. Richard & Son, PetSmart and TJ Maxx anchor the fully leased shopping center. ShopRite, an anchor tenant since 1987, recently extended its lease at the property for an additional 10 years. The asset’s tenant tenure averages more than 15 years from 11 tenants.
Located at 855 St. Georges Ave., the shopping center is at the heavily trafficked intersection of Route 1 & 9 and Route 35, surrounded by densely populated residential areas. According to JLL, the North Edison/Woodbridge retail submarket has a strong track record, boasting an average vacancy rate of 5 percent over the last decade.
Financing retail assets
The JLL Retail Capital Markets Debt Advisory team securing the financing was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian, along with Analyst Salvatore Buzzerio. Just last month, another JLL Capital Markets team represented The Jaffe Cos. in the refinancing of Edens Collection, a 142,740-square-foot, grocery-anchored retail center in Chicago.
An end-of-year market report by Matthews revealed that the majority of retail investment activity took place in major cities such as New York City, Los Angeles and Chicago in 2022. The report also showed that 47.3 million square feet of retail space was delivered and over 250 million square feet of retail space was leased in the same year.
According to Matthews, sectors like grocery stores, discount stores, restaurants, big-box retailers and strip centers are predicted to perform well in the future. However, as inflation rises, commercial real estate investors are reassessing their market strategies.
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