By Paul Schwedelson – Reporter, Philadelphia Business Journal
First National Realty Partners has acquired the fully leased, 40,700-square-foot Winslow Plaza strip mall in Sicklerville, New Jersey.
The Red Bank, New Jersey, firm paid $8.5 million for the property, according to an industry source.
The seller was Virginia Beach, Virginia-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR), which bought the shopping center when it was 91% leased in 2013 for $6.6 million. The value increased 29% since then.
The strip mall is at 542 Berlin-Cross Keys Road, at the intersection of Berlin-Cross Keys Road and Chews Landing Road and less than a mile from the Atlantic City Expressway.
Tenants include UPS, H&R Block and Asad’s Hot Chicken. The property’s average tenant tenure is more than 13 years, a reflection of the asset’s stability.
The shopping center is shadow-anchored by ShopRite, meaning the adjacent grocery property is under different ownership.
Full story: http://tiny.cc/bkxo001
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