JV Acquires 21-Acre Site for Mixed-Use Development
Russo Development and Onyx Equities have purchased the NJ property with a site plan approval for 376 multifamily units and 20,000 square feet of retail space.
WOODBRIDGE, NJ – A joint-venture between Russo Development and Onyx Equities, R&O Woodbridge Urban Renewal LLC has purchased a 21-acre, redevelopment site in Woodbridge, NJ. 376 multifamily units
The property, which encompasses multiple contiguous parcels along Main St., was sold with a site plan approval in place for a mixed-use development. The site has been approved for 376 multifamily units and 20,000 square feet of retail space.
The mixed-use development is scheduled to break ground this summer.
Situated in a crossroads location, the property is located near Route 9; within close proximity of the Turnpike, Garden State Parkway and Interstate 440. The property’s surrounding area comprises more than three million square feet of shopping, entertainment and services as a destination retail hub.
The site was purchased from multiple undisclosed sellers.
Cushman & Wakefield’s New Jersey capital markets team arranged the sale. Don Eisen, James Frank, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the seller and procured the buyer.
“The site’s designation by Woodbridge Township as ‘an area of need of redevelopment’ provided unique flexible zoning and set the framework for the approvals to be obtained,” said Whitmer. “It’s a tremendous opportunity for the buyer as Woodbridge is undergoing a significant renaissance.”
