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Brookfield

Business
$70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says $70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says
$70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says Seventy million may seem like a lot. But context is everything. New Jersey's troubled Woodbridge Center sold to an unnamed buyer for $70.4 million in February, according to credit-rating firm Kroll. While the sale resolved a loan issue, investors suffered a $155.7 million loss, Kroll Bond Rating Agency (KBRA) said. In 2015, the 1.7 million-square-foot mall was acquired by Brookfield when it was appraised at $366 million, according to CoStar, a DC-based commercial real estate firm that analyzes market trends. The February 2024 sale was even lower than its most recent appraisal last Oct…

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by Cecilia Levine
Real Estate
Massive Passaic County Industrial Complex Sells For $25.5 Million Massive Passaic County Industrial Complex Sells For $25.5 Million
Massive Passaic County Industrial Complex Sells For $25.5 Million A massive two-building industrial complex in Passaic County has been sold by its original family owners for a whopping $25.5 million, TheRealDeal reports. Toronto-based asset manager Brookfield closed on the deal to purchase Marino Plazas I and II on Kingsland Avenue in Clifton, which comprise a respective 57,000 and 68,000 square feet, the outlet reports citing familiar sources. The deal is one of Brookfield’s several recent efforts to expand their Garden State presence, which now includes two dozen assets totaling 5.2 million square feet, the report says. With a lease rate of about …

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by Valerie Musson