Interstate Shopping Center, a 348,742-square-foot grocery-anchored shopping center along the Route 17 corridor in Ramsey, has been acquired by Wafra, the $30B New York-based alternative investment manager.
The deal is part of a joint venture with real estate developer and manager Crossroads Companies.
The center comprises seven buildings and 42 units, and is anchored by ShopRite, TJ Maxx, Burlington, Ulta Beauty, Michaels and DSW.
It attracts more than 4.3 million annual visitors and ranks in the 95th percentile for foot traffic among comparable centers.
This marks the first ownership change since the Center was acquired in the early 1990s, during which the property was significantly redeveloped and expanded.
David Hamm, Head of Traditional Real Estate at Wafra, said in a release that the transaction is consistent with Wafra’s strategy of acquiring high-performing shopping centers in affluent trade areas.
CBRE arranged the joint venture between Wafra and Crossroads, and Axiom Capital arranged the acquisition loan.
Crossroads is a leading developer and owner of supermarket-anchored shopping centers in New Jersey. Since its inception, the firm has developed, acquired, and/or managed approximately 1.5 million square feet of retail properties, representing more than $350 million in asset value.
The 48,535-square-foot property is situated on a prime 4.3-acre site at the high-traffic intersection of Route 46 and Route 3, a corridor that sees roughly 56,000 vehicles daily.
