Real Estate Journal — Shopping Centers — New York Deal Making — November 23 - December 13, 2018 — 9B
M id A tlantic
N ew Y ork D eal M aking
AYNE, NJ — Steve Hittman , CEO of Crossroads Com- New ShopRite store to be developed at 29-acre shopping center Crossroads Companies, LLC signs long- term ground lease at Wayne Hills Mall W the 29-acre Wayne Hills Mall. The Planning Board originally approved redevelopment plans for the property in 2016.
the 60,000 s/f ShopRite store at Plaza Square upon relocation. “We are pleased to conclude a deal with Inserra Super- markets,” said Hittman. “The relocation will provide the Township of Wayne’s 55,000 +/- residents with a brand new, larger store with upgraded amenities while keeping the same ShopRite brand that customers have grown to love and trust. This is an excellent location that provides ease of access and ample parking, and it will allow ShopRite to expand its produce, organic and other product offerings.”
p a n i e s , LLC (Cross- roads) an- nounced the firm has en- tered into a l o n g - t e r m ground lease with Levco Associates ,
Work is underway to de- molish a 103,000 s/f vacant retail building in the shopping center. Site work and build- ing construction will com- mence spring 2019, according to Crossroads. ShopRite is currently located in Regency Center’s Plaza Square at 625 Hamburg Turnpike in Wayne. Construction of the new Shop- Rite store is scheduled to be completed prior to Thanksgiv- ing 2019. Crossroads will re-let
owner of the Wayne Hills Mall in Wayne. Plans are for Cross- roads to construct a new 79,540 s/f Inserra ShopRite store at Steve Hittman Marcus &Millichap brokers $8.228M in retail sales SEWELL, NJ — Marcus & Millichap announced the sale of Wawa, a 2,000 s/f net-leased property located in Sewell. The asset sold for $5.403 million at a 4.50 percent capitalization rate. The buyer, a limited lia- bility company, was secured and represented by Derrick Dougherty , first vice presi- dent investments, and Scott Woodard , associate, inMarcus & Millichap’s Philadelphia of- fice. Brian Hosey is the firm’s broker of record in New Jersey. Wawa is located at 485Wood- bury Glassboro Rd. In a second transaction, Mar- cus & Millichap announced the sale of a 4,970 s/f retail prop- erty, occupied by Starbucks and Kay Jewelers, located in Pace, FL, for $2.825 million according to Hosey. Karly Iacono and JC Corr , investment specialists in Mar- cus & Millichap’s New Jersey office, had the listing to mar- ket the property on behalf of the seller, a developer. Craig Dunkle , an investment spe- cialist in Marcus & Millichap’s Philadelphia office, secured and represented the buyer, a private investor located in Cen- tral NJ. Ryan Nee is the firms’ broker of record in Florida. “The seller completed a high quality build to suit project for two strong national tenants who were looking to expand in the market,” Iacono said. “We received tremendous interest right out of the gate and had an accepted offer within weeks of marketing.” “The buyer was drawn to the long lease terms and credit of the tenants and was happy to add another quality asset to their portfolio,” Dunkle said. The retail proper- ty is located at 4830 Hwy. 90.
Inserra ShopRite rendering
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