MEDIPOWER ACQUIRES CROSSROADS PLAZA, A MARKET LEADING SHOPRITE ANCHORED SHOPPING CENTER
Medipower, a full-service commercial real estate company, specializing in retail real estate across the North East major markets, announced today the acquisition of Crossroads Plaza, a 99,650 sqf Grocery Anchored Shopping Center located in Lumberton NJ, Just 20 miles from Philadelphia.
Crossroads Plaza is anchored by a 70,818 sqf ShopRite supermarket which has anchored the center since construction in 2003. The pad tenants include Wawa and Wells Fargo and together with ShopRite secure 74% of the property’s gross income.
Lumberton NJ serves as a bedroom community for Philadelphia. Access to infrastructures such as regional highways and rail provides a strategic advantage for the market and supports a high level of income and strong demographic trends.
Ron Stern, CEO: “We believe that Crossroads Plaza, anchored by the region’s leading grocer, which is further supported by traffic-driving outparcels Wells Fargo and Wawa, is the ideal combination of location, strong demographics and attractive fit to our business model”.