Irgang Group purchased Union Lake Crossing, a 393,000-square-foot power center serving the greater Millville-Vineland market in southern New Jersey. The 43.39-acre site is shadow-anchored by Target, and houses a mix led by a recently expanded and remodeled ShopRite supermarket, Kohl’s, Ross Dress For Less, Staples and PetSmart.
This is the second retail property acquisition this year for the Nyack, New York-based real estate investment and management firm.
Other notable tenants include Famous Footwear, Party City, Five Below, Buffalo Wild Wings, Moe’s Southwest Grill and Sonic. Over 95% of the property’s occupied space is held by national tenants.
Located in the heart of Cumberland County’s regional shopping hub, the property is situated at the intersection of North 2nd Street (State Highway 47) and Union Lake Boulevard, with easy access to State Highway 55, a major north-south freeway in southern New Jersey.
“Between its strategic location, dominant anchors and solid mix of sub-anchors and smaller tenants, Union Lake Crossing ranks as the most-visited open-air retail center within a 15-mile radius, drawing 4.1 million shoppers over the last 12 months,” said Mark Irgang, CEO of Irgang Group.
The property’s 73,740-square-foot ShopRite is ranked as the second-most-visited grocer within a 30-mile radius — drawing 1.6 million visitors over the past 12 months.
“In the months ahead, we look forward to working with our broker, Metro Commercial Real Estate, on leasing up the balance of the center’s space, introducing new tenants that will make Union Lake Crossing even more appealing to residents in this region,” said Irgang. “The upside from those opportunities, coupled with the Vineland-Millville market’s emergence as a growing center for cold storage and warehouse developments, made this acquisition very appealing to our group.”
Irgang Group was represented on the acquisition by Ben Bruner, president of the Bruner Group, while the seller, Goodman Properties, was represented by Chris Munley, senior managing director; James Galbally, senior managing director; and Colin Behr, senior director, all at JLL Capital Markets.