M & J Wilkow Ltd. and joint-venture partner USAA Real Estate Company acquired the East Gate Square shopping center at 1000 - 1690 Nixon Dr. in Mount Laurel, NJ from Equus Capital Partners Ltd. for $188 million, or about $252 per square foot.
The 746,535-square-foot power center was built in six phases between 1992 and 2002 in a densely populated trade area in the North Burlington County submarket of Philadelphia, directly served by I-295 and Rtes. 73 and 38.
Surrounding the separately-owned Moorestown Mall and Home Depot shadow anchor, the center is currently 88 percent leased to more than 60 tenants including Shop Rite, Dicks Sporting Goods, Ross Dress for Less and PetSmart. Almost 90 percent of gross revenue at the center is generated by national and regional credit tenants.
www.omegare.com
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