"We look for healthy income-producing properties with a good track record and strong upside potential in high-growth primary, secondary and tertiary markets," says Emmet Austin, CIO for Stonemar Properties in a statement. "Acquisitions meeting these criteria help us deliver equity-like returns with relatively low bond-like risk."

The center, built in 1958, added a Shop-Rite store in 1994. The property is anchored by Bob's Stores and boasts UPS, Payless Shoe, Vazzy's Restaurant, Jani Restaurant, Blockbuster, State Farm, Edible Arrangements, Cost Cutters and Cardsmart as tenants. The retailers, Jonathan Gould, CEO of Stonemar, tells GlobeSt.com, are a dollar store-type and a large multi-store retailer, but would not disclose their names.

Financing for the purchase was provided by Bank of America in the form of a 10-year, interest-only mortgage with an interest rate in the mid-5's, according to Stonemar, of which there are roughly 6.5 years left.