New Jersey is known for having some of the top malls in the country, but the recent sale of one shopping facility probably has investors feeling like a bunch of mallrats.
Earlier this month, an undisclosed buyer officially took over ownership of the Woodbridge Center Mall. The troubled facility was sold for $70.4 million in February and a recent report from Manhattan bond-rating agency Kroll shines a light as to just how much money was lost on the deal.
Brookfield Properties, the mall’s previous owner, had the mall appraised back in 2019 for $366 million. Kroll says that investors in the property lost a whopping $155 million in the now completed deal, which ends months of speculation as to the property’s future.
Woodbridge Center Mall opened in 1971 but has struggled with vacancy rates since the COVID-19 pandemic. A former Lord & Taylor store near the mall in a standalone building closed in late 2019 and vacant spaces are readily apparent to visitors at the facility.
Despite the struggles, the property is still anchored by Macy’s, JC Penney, Boscov’s, and Dick’s Sporting Goods.
The current ownership reportedly has plans to keep the property’s retail use intact, details that were confirmed by Woodbridge Mayor John E. McCormac during a “State of the Township” address.
