The seller of the community shopping center was Deptford X LLC, a local investment partnership that had earlier acquired it from HRI Fund, an affiliate of the Hartford, CT-based Hutensky Co. Joe French, senior investment advisor of Sperry Van Ness, represented the seller in the transaction. David Wojciechowski of Staubach Retail Advisors, Dallas, represented buyer Cypress Equities. The latter is the development arm of Staubach Retail Services.
"With its location in a high-traffic area, and the fact that it's anchored by key national and regional tenants, Deptford Crossing provides an excellent investment opportunity, especially in today's slumping economy," according to French. "A proactive marketing program enabled us to reach key brokers and investors, which resulted in several very competitive offers for the property."
Built back in 1990, Deptford Crossing is currently 88% leased in the wake of a major turnaround program for the property. Key tenants include Marshalls, TJ Maxx, Office Max, Michael's and PetsMart.
The property is also situated in Gloucester County in a South Jersey region that has been showing strong residential growth recently. Some 1,100 residential units are currently under construction in the immediate vicinity, and permits have been issued for another 1,100 units just to the north of the property.
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