JLL closes $25M sale of Philadelphia-area retail center
Cross Roads Plaza is anchored by a high-performing ShopRite
PHILADELPHIA, February 5, 2020 – JLL Capital Markets announced today that it has closed the $25 million sale of Cross Roads Plaza, a 99,650-square-foot, fully leased, grocery-anchored retail center in the Philadelphia bedroom community of Lumberton, New Jersey.
JLL marketed the property on behalf of the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Limited purchased the asset.
Cross Roads Plaza is anchored by a high-performing, 70,818-square-foot ShopRite, which makes-up 71% of the property’s GLA and 58% of the gross income with lease term through 2024. ShopRite expanded by more than 10,000 square feet in 2013 into its current footprint, demonstrating a long-term commitment to the location. 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, which acts as an additional consumer traffic driver.
Approximately 20 miles from Philadelphia, the property maintains excellent global and submarket positioning while being highly visible along major regional arterial Route 38, counting more than 40,000 vehicles per day. Situated in Lumberton, Cross Roads Plaza is proximate to Virtua Memorial Hospital, one of Burlington County’s largest employers, and adjacent to a dense aggregation of industrial employers. The location is further supported by an immediate, affluent consumer base with average household incomes approaching $110,000.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Munley, James Galbally and Jose Cruz and Senior Director Colin Behr.
“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA,” Munley said. “With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Madison International Realty
Madison International Realty is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K. and Western Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, Germany, where the firm operates under the name of Madison International Realty GmbH.
About SITE Centers Corp.
SITE Centers is a premier owner and operator of value-oriented, U.S.-based retail real estate. The company’s portfolio consists of open-air shopping centers with strong growth profiles, which are conveniently situated and provide a highly-compelling merchandise mix for retail partners and consumers. SITE Centers actively manages its assets with a focus on generating sustainable growth and investing in locations at the center of communities. SITE Centers is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.
About Medipower Public Co. Limited
Medipower is a full-service commercial real estate firm specializing in retail real estate. The company is publicly traded on the Tel Aviv Stock Exchange under the symbol MDPR. Medipower owns and manages retail properties and residential developments in the United States and Canada. The portfolio primarily features open-air, quality well located shopping centers in growing high barrier-to-entry markets. The firm’s mission is to create value to its shareholders by leveraging its experience to provide superior high-quality shopping centers.