Alvin Mansour, a first vice president of investments and senior director of Marcus & Millichap's National Retail Group in San Diego, and Philip Sambazis, a retail specialist in the firm's San Diego office, are representing the seller. Local representation is provided by Jeffrey Verchow and Gary Calagna, retail specialists in the firm's Elmwood Park office.
"Shadow-anchored by Home Depot, Cross Keys Place is triple-net leased to an array of regional and national tenants including Old Navy, Bed Bath & Beyond, A.C. Moore, Petco, Sports Authority, Great Clips, Snap Fitness, Subway and many others," Mansour says. He also tells GlobeSt.com that national tenants account for more than 94% of Cross Keys Place's occupancy and more than 93% of the center's income stream.
Located at the intersection of Tuckahoe Road and Berlin Cross Keys Bypass, the property features exposure along two of the area's dominant traffic corridors. According to M&M, combined traffic counts exceed 36,000 vehicles per day.
The center is being offered in its entirety or as two separate properties: Cross Keys Place inline space and Cross Keys Place out-lot. The inline space is a 134,044-square-foot retail center offered at $25.8 million, representing a 7.89% cap rate, and is 100% leased to national credit tenants including Old Navy, Bed Bath & Beyond, A.C. Moore, Petco and Sports Authority. The out-lot is a 14,129-square foot strip center offered at $3.9 million and is leased to an array of national and regional tenants including Subway, Great Clips, Snap Fitness and the New England Hot Dog Co.
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