Prism & Northwestern complete purchase of Woodbridge redev. site
WOODBRIDGE, NJ — A joint venture of Prism Capital Partners and Northwestern Mutual Insurance Company has completed the purchase of a five-acre redevelopment parcel at the corner of Rahway Ave. and Green St. in Woodbridge. With full approvals in place, Prism – as operating partner – will transform the site into a mixed-use, transit-oriented community consisting of 232 apartments and 12,000 s/f of retail space. Cushman & Wakefield’s New Jersey capital markets team orchestrated the joint venture purchase, in which Northwestern Mutual Insurance Company also is serving as construction lender. The commercial real estate services firm’s Andrew Merin led the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd. Demolition work at the former Lucas Chevrolet dealership site will commence in July. The property is located in the heart of Woodbridge’s walkable downtown, next to Woodbridge Station.