Philly-Area Shopping Center Trades for $25M
- Feb 06, 2020
A partnership between Madison International Realty and SITE Centers Corp. has sold Cross Roads Plaza, a 99,650-square-foot fully-occupied retail property in Hainesport, N.J. Medipower Public Co. paid $25 million for the asset. JLL Capital Markets represented the seller.
Located at 1520 Route 38 on roughly 13 acres, the property was developed in 2003. The shopping center is grocery-anchored by ShopRite, which occupies 70,818 square feet, after it expanded by more than 10,000 square feet in 2013. Its current lease is set to expire in 2024. Additionally, the location is shadow-anchored by Lowe’s.
The property is 1.5 miles from Virtua Memorial Hospital, Burlingon County’s largest employer, and adjacent to a cluster of industrial employers. The immediate area’s median household income is roughly $110,000, according to JLL.
The team that negotiated the deal on behalf of the seller included JLL Senior Managing Directors Chris Munley, James Galbally and Jose Cruz, as well as Senior Director Colin Behr.
Last month, an affiliate of SITE Centers sold Newnan Crossing, a 92,412-square-foot shopping center in Kennesaw, Ga., to Halpern Enterprises.