Interstate Shopping Center at Route 17 and Franklin Turnpike in Ramsey — Courtesy: CBRE
By Joshua Burd
A joint venture has acquired a nearly 349,000-square-foot retail property in Bergen County, completing the deal under an equity partnership arranged by CBRE.
The buyers, Crossroads Cos. and Wafra, paid an undisclosed price for the grocery-anchored Interstate Shopping Center in Ramsey. CBRE announced the deal this week, touting the property’s location at Route 17 and Franklin Turnpike and a tenant roster that includes ShopRite, TJ Maxx, Michaels, Macy’s, Burlington and DSW.
Chris Munley, Colin Behr, David Gavin, Ryan Sciullo and Casey Benson Smith of CBRE’s National Retail Partners team arranged the partnership on behalf of Mahwah-based Crossroads.
“We appreciate the opportunity to support Crossroads Companies in raising the equity for the acquisition of Interstate Shopping Center,” Munley said. “Given the quality and profile of the asset, the process was highly competitive and Wafra ultimately emerged as the preferred partner. The collaborative efforts among Crossroads, Wafra and the seller were instrumental in bringing the transaction to a successful close. Congratulations to all parties on an excellent outcome.”
The firm added that Interstate Shopping Center, which totals 348,763 square feet, is some 28 miles northwest of Manhattan. In a separate announcement, New York-based Wafra noted that the property comprises seven buildings with 42 individual retail units and draws more than 4.3 million visitors annually.
This deal also marks the first time the property has changed ownership since an earlier and smaller version of the center was acquired in the early 1990s and subsequently redeveloped and expanded, the global investment manager said.
“Interstate Shopping Center represented a generational opportunity for both Crossroads Companies and Wafra to acquire a top-performing, ShopRite-anchored retail center in a highly sought-after market with significant barriers to entry, such as Ramsey,” Behr said.
