Buyer secures financing for $25.5M Woodbridge Crossing trade

March 19, 2019 02:14PM

New York-based PAG Investments closed last week on its purchase of the Woodbridge Crossing retail center in Middlesex County, according to GlobeSt, which noted that the deal received $25.5 million in acquisition financing arranged by Dallas-based brokerage HFF (which itself is set to be acquired by JLL according to an announcement this week). PAG, a privately held real estate investor, secured a five-year loan for the deal through HFF and Citizens Bank. Woodbridge Crossing was built in 2001 and renovated last year by its now former owner Onyx Equities, which bought the complex in 2012. The 285,210 square-foot center is 80 percent leased and has over 136,000 nearby residents earning an average household income of more than $93,000 living within a three-mile radius, according to HFF. Big Lots, Burlington Stores, Modell’s, Party City and Planet Fitness are some of the tenants at Woodbridge Crossing. The 19-acre campus was purchased by PAG five months after the firm paid $7.2 million to buy a 15-acre, 155,079-square-foot office complex in Suffolk County from Soundview Realty Group. HFF’s Michael Klein and Rob Hinckley represented PAG in the Woodbridge Crossing transaction. On March 19, Chicago-based JLL announced that it would acquire HFF in a $2 billion deal. [GlobeSt]