A partnership between Madison International Realty and SITE Centers Corp. has sold the Cross Roads Plaza, a 99,650-square-foot, fully leased, grocery-anchored retail center in the Philadelphia bedroom community of Lumberton, N.J.
Medipower Public Co. Limited purchased the asset for $25 million.
Cross Roads Plaza is anchored by a high-performing, 70,818-square-foot ShopRite, which makes up 71 percent of the property’s GLA and 58 percent of the gross income with a 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 percent of the GLA and 74 percent 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.
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