Cross Roads Plaza in Lumberton — Courtesy: JLL
By Joshua Burd
A joint venture has reaped $25 million from the sale of a nearly 100,000-square-foot, grocery-anchored retail center in Burlington County, brokers with JLL said Wednesday.
The real estate services firm announced that it represented the partnership, Madison International Realty and SITE Centers Corp., in the sale of Cross Roads Plaza in Lumberton. Medipower Public Co. Ltd. purchased the fully leased, 99,650-square-foot complex at 1520 Route 38.
“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA,” said Chris Munley, a senior managing director with JLL. “With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong.”
Munley completed the assignment alongside senior managing directors James Galbally and Jose Cruz and Senior Director Colin Behr. In a news release, they touted the performance of the center’s 70,818-square-foot ShopRite, which makes up 71 percent of the property’s gross leasable area and 58 percent of its gross income.
The grocer, which has a lease term through 2024, expanded by more than 10,000 square feet in 2013. The operator combines with outparcels occupied by Wawa and a bank to make up an asset that is 20 miles from Philadelphia and close to Virtua Memorial Hospital.
