X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TURNERSVILLE, NJ-Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Cross Keys Place, a 148,173-square-foot retail center located here at 141 Tuckahoe Rd. The listing price of $29.7 million represents a 7.97% cap rate.

Alvin Mansour, a first vice president of investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, and Philip Sambazis, a retail specialist in the firm’s San Diego office, are representing the seller. Local representation is provided by Jeffrey Verchow and Gary Calagna, retail specialists in the firm’s Elmwood Park office.

“Shadow-anchored by Home Depot, Cross Keys Place is triple-net leased to an array of regional and national tenants including Old Navy, Bed Bath & Beyond, A.C. Moore, Petco, Sports Authority, Great Clips, Snap Fitness, Subway and many others,” Mansour says. He also tells GlobeSt.com that national tenants account for more than 94% of Cross Keys Place’s occupancy and more than 93% of the center’s income stream.

Located at the intersection of Tuckahoe Road and Berlin Cross Keys Bypass, the property features exposure along two of the area’s dominant traffic corridors. According to M&M, combined traffic counts exceed 36,000 vehicles per day.

The center is being offered in its entirety or as two separate properties: Cross Keys Place inline space and Cross Keys Place out-lot. The inline space is a 134,044-square-foot retail center offered at $25.8 million, representing a 7.89% cap rate, and is 100% leased to national credit tenants including Old Navy, Bed Bath & Beyond, A.C. Moore, Petco and Sports Authority. The out-lot is a 14,129-square foot strip center offered at $3.9 million and is leased to an array of national and regional tenants including Subway, Great Clips, Snap Fitness and the New England Hot Dog Co.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.