ShopRite-anchored Lumberton retail center fetches $25M

By ROI-NJ Staff
Lumberton | Feb 6, 2020 at 6:15 am

A Lumberton retail center has been sold for $25 million, according to JLL Capital Markets.

Cross Roads Plaza, a 99,650-square-foot, fully leased center anchored by a 70,818-square-foot ShopRite, has been sold by a partnership of Madison International Realty and SITE Centers Corp. to Medipower Public Co. Ltd., the real estate firm said in a news release.

The JLL Retail Capital Markets team representing the seller was led by Chris Munley, James Galbally and Jose Cruz, senior managing directors; and Colin Behr, senior director.

“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia (metropolitan statistical area),” Munley said in a prepared statement. “With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong.”

ROI-NJ Staff | editorial@roi-nj.com | @roinjnews