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Cross Border News  + Canada  + Retail  | 
Canada's Brookfield Properties has agreed to sell Woodbridge Center, according to the mayor of Woodbridge, N.J.

Brookfield, HBC Properties to Sell NJ Retail Assets: Mayor

Canada’s Brookfield Properties has agreed to sell a large mall in Woodbridge, N.J., says the town’s mayor.

Meanwhile, another Canadian company, HBC Properties, is nearing a deal to divest a separately owned closed Lord & Taylor department store at the same shopping centre site, according to the politician.

The Woodbridge Center sale is under contract to an undisclosed buyer, Woodbridge Mayor John McCormac said during his annual state of the township address. Opened in 1971, the mall comprises 1.1 million square feet and ranks among New Jersey’s largest shopping centres.

Woodbridge Center is located across the Hudson River from New York City.

Toronto-based Brookfield has owned the mall since 1994. The mall faced foreclosure in 2023 after Brookfield defaulted on the property’s US$225 million loan in 2023, according to multiple reports.

The Lord & Taylor department store closed in 2019. Toronto-based HBC Properties is the real estate of Canada’s iconic Hudson Bay Company department store chain, now owned by New York-based HBC.

Brookfield and HBC Properties have declined to respond to McCormac’s comments.

Photo: Google Maps


Inside The Story

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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