MOUNT OLIVE, NJ-Colliers International has arranged the $11.2 million sale of ITC Crossing North, a 179,775-square-foot shopping center in Mount Olive, on which the bank loan had been foreclosed. Colliers represented the undisclosed seller and the buyer, Lamar Cos.
Lamar is in the business of acquiring distressed retail centers around the country, either through simple purchase or foreclosure sales, with the aim of reviving their revenue potential and increasing property value.
“We made a great effort, coast-to-coast, to promote the property, and we had bidders from coast-to-coast,” Jeffrey Oram, an executive managing director of Colliers’ Investment Services Group tells GlobeSt.com.
The ITC Crossing North shopping center is anchored by a 132,023-square-foot Sam’s Club, and includes a 20,352-square-foot Staples, and a Subway restaurant. Several smaller retail spaces are are available for lease.
“Lamar Companies will be able to create significant value at ITC Crossing through lease-up of the vacant shops while also enjoying steady cash flow from the long term Sam’s Club lease already in place,” said He and Jonathan Ortiz, an associate director, represented both parties in the transaction.
Tom Lagos and El Warner, both with Colliers in Los Angeles, assisted with national promotion of the property.
The shopping center is located approximately 35 miles from Newark and 30 miles from Stroudsburg, PA, centered between State Highways 46 and 206 along Interstate 80. There is from both highways via the 1.5 mile International Drive South.
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