WOODBRIDGE, NJ-Onyx Equities has closed on the acquisition of Woodbridge Crossing, a 284,456-square-foot retail power center next to the Woodbridge Center Mall. The investment and development company, which is based in Woodbridge, made the purchase for an undisclosed price, through its Phalanx Fund II.
The retail center was originally developed by Forest City Ratner Corp. 10 years ago. Woodbridge Crossing is located on the north side of the mall, at the intersection of Routes 1 and 9.
“Woodbridge Crossing presented Onyx with an opportunity to purchase a modern, ideally located retail site in the heart of the Woodbridge retail corridor,” says Jonathan Davis, an Onyx Equities VP, in a release. “Our firm’s extensive knowledge of New Jersey retail and the proximate location of Woodbridge Crossing to our headquarters on Route 9 in Woodbridge made it a great fit for our Phalanx Fund II.”
The retail center had several large vacancies at the time Onyx committed to the purchase in February. However, SRS Real Estate Partners was engaged as leasing agent, and quickly signed Burlington Coat Factory to take 78,303 square feet previously occupied by the Great Indoors, which closed several years ago. The clothing retailer is expected to open its Woodbridge Crossing store later this year.
“Burlington Coat Factory will be a tremendous addition and a crucial step in revitalizing the shopping center,” says Hugh Kelly, managing principal in SRS’ New York office, in a statement. “We are negotiating with several other national retailers and expect that the center will return to full occupancy in the next 12 months.”