Inland Buys Crossroads Plaza for $18M

LUMBERTON, NJ-People say that the grocery-anchored shopping center is one of the hottest properties in the market, and the Oak Brook, IL-based Inland Retail Real Estate Trust Inc. just added more evidence to that. The firm has acquired the newly-built Crossroads Plaza, paying $18.3 million for the 90,151-sf property.

That price tag factors out to about $203 a foot, and the asset, which is anchored by a 60,822-sf ShopRite supermarket, isn’t even in one of the Garden State’s pricey markets – it’s located in South Jersey’s Burlington County. Other tenants include Hallmark, a Wawa convenience store, Subway and T-Mobile. The property is also shadow-anchored by a 164,000-sf Lowe’s Home Improvement store, which was not part of the transaction.

Inland was represented in-house in the transaction by the firm’s Jason Lazarus, along with attorney Charles Benvenuto. The seller, Members of Newman Development Group of Hainesport LLC, was repped by David Newman, brokers Lisa Menin of Jacobson Properties and Jimmy Cohen of Barnett Realty Group and attorney Howard Rittberg.