59°
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 October for $79 million, CoStar says.
KBRA said the loss was "generally in-line" with its expectations.
Woodbridge Center, located along Route 1 in Woodbridge Township, opened in 1971 and is the fourth-largest mall in New Jersey.
At a State of the Township address in February, Woodbridge Mayor John E. McCormac said the sale of the mall is in part what makes 2024 a historic year for the township.
The mall has been struggling in recent years — especially post-pandemic — due to online shopping, the mayor said. In seeking a buyer for Woodbridge Center, the township vowed not to accept housing or warehouse components of the mall, McCormac said.
"We are quite thrilled to learn that the purchaser has every intention of keeping Woodbridge Center as a shopping, dining and entertainment destination, though with changes," the mayor said.
It wasn't immediately clear what changes will be coming to the mall.
Click here to follow Daily Voice Saddle Brook-Elmwood Park and receive free news updates.
