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$30M Can Net a Retail Center

TURNERSVILLE, NJ-The center is being offered in its entirety or as two separate properties.

By Alyson Grala | Updated on March 10, 2009

TURNERSVILLE, NJ-Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Cross Keys Place, a 148,173-square-foot retail center located here at 141 Tuckahoe Rd. The listing price of $29.7 million represents a 7.97% cap rate.

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.

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