The nearly 100,000-square-foot shopping center is located approximately 20 miles from Philadelphia.
LUMBERTON, NJ—Cyprus-based Medipower Public Co. Ltd. has acquired the 99,650-square-foot Cross Roads Plaza shopping center here in a deal valued at $25 million.
JLL reported the trade of the fully-leased grocery anchored retail center located approximately 20 miles from Philadelphia. JLL marketed the property on behalf of the seller, a partnership between Madison International Realty and SITE Centers Corp.
Ron Stern, CEO of Medipower Public Co., said, "We believe that Crossroads Plaza, anchored by the region's leading grocer, which is further supported by traffic-driving outparcels Wells Fargo and Wawa, is the ideal combination of location, strong demographics and attractive fit to our business model."
Cross Roads Plaza is anchored by a 70,818-square-foot ShopRite, which makes-up 71% of the property's gross leasing area and 58% of the gross income. The grocer's lease term runs through 2024.
ShopRite expanded by more than 10,000 square feet in 2013 into its current footprint. ShopRite combines with outparcels occupied by Wawa and a bank to compromise 81% of the GLA and 74% of the property's gross income, creating a stable and secure cash flow, according to JLL. The property is further supported by a premier shadow anchor in Lowe's Home Improvement.
Approximately 20 miles from Philadelphia, the property maintains highly visibility along Route 38, counting more than 40,000 vehicles per day. Situated in Lumberton, Cross Roads Plaza is near Virtua Memorial Hospital, one of Burlington County's largest employers, and adjacent to a dense aggregation of industrial employers.
The JLL Retail Capital Markets team representing the seller was led by senior managing directors Chris Munley, James Galbally and Jose Cruz and Senior Director Colin Behr.
"We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA," Munley says. "With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong."
The deal for Cross Roads Plaza follows up Medipower's $40-million purchase last month of Centre Square Commons, an 88,598-square-foot grocery anchored shopping center located in Blue Bell, PA, an affluent suburb of Philadelphia.
The center is anchored by Aldi in its latest prototype of 22,450 square feet. In addition to Aldi, the property is occupied by a strong mix of regional and national tenants including Pennsylvania Fine Wine & Spirits, Starbucks, Zoe's and Anthony's Coal Fire Pizza.
Brad Nathanson of Institutional Property Advisors represented the seller in that deal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
