Thursday, February 6, 2020

Cross Roads Plaza Shopping Center Trades for $25M

by John Jordan
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.

The seller was 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. 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.

“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA. 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.

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