offering synopsis sewell, new jersey...offering synopsis sewell, new jersey. premier retail asset...
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OFFERING SYNOPSIS
Sewell, New Jersey
PREMIER RETAIL ASSET
147,694 square foot retail asset comprising a power center and an outparcel that are presently 95% leased to a synergistic 11-tenant roster
RECENT LEASING MOMENTUM
The Edge Fitness Clubs, which backfilled the majority of a former Sports Authority box, through October 2032 and three-year renewal by Old Navy through February 2023
HOME DEPOT SHADOW ANCHOR
Shared access with a 118,000 square foot, user-owned Home Depot, which generates strong traffic for the area
STRONG NATIONAL TENANT ROSTER
Durable in-place cash flow with 67% credit tenancy, 6.1 years of weighted average remaining lease term and upside potential via the lease-up of three available suites totaling 7,228 square feet
Investment Highlights
147,694 SF
TOTAL95%
LEASED6.1 YRS
WALT7,228 SF
AVAILABLE
Shadow Anchor
3
EXPANSIVE TRADE AREA
Surrounded by 5- and 10-population counts of 146,500 and 418,400 people, respectively, with corresponding average household incomes of $99,400 and $94,900, the asset is strategically situated at the heavily trafficked intersection of Cross Keys Bypass (21,600 vehicles per day) and Route 42 (30,900 vehicles per day) in the heart of a super-regional retail cluster
OFFERED FREE & CLEAR OF EXISTING DEBT
The asset is being offered unencumbered, allowing investors to capitalize on low interest rates and aggressive lender underwriting. 2007-2008 construction of Cross Keys Place also limits the potential for future capital outlays
146,500 People$99,400 AHHI
30,900 VPD 21,600 VPD
CROSS KEYS BYPASS5-MILES 42
Executive Summary
Newmark Knight Frank has been
exclusively retained to sell Cross Keys
Place, a premier 147,694 square foot
retail asset that is strategically located
within a densely populated retail
cluster in the metropolitan Philadelphia
community of Sewell, New Jersey. Cross
Keys Place represents a high-quality
offering that is driven by fundamentally
desirable investment characteristics,
including strong in-place cash flow
from a synergistic national tenant
roster, a strategic location with strong
visibility along a high-volume four-lane
thoroughfare, a credit-rated shadow
anchor and upside potential via the
lease-up of 7,228 square feet of available
space.
Originally constructed in 2008, Cross Keys Place comprises two multi-tenant structures
– a power center encompassing 133,558 square feet of anchor/junior anchor space and
an outparcel encompassing 14,136 square feet of inline space. The property is presently
95% leased to a diverse rent roll anchored by The Edge Fitness Clubs, Bed Bath & Beyond,
A.C. Moore, Old Navy and Petco, all of which contribute to its strong daily traffic and
exceptional vibrancy. Cross Keys Place therefore presents investors with an attractive
opportunity to pursue a premier multi-tenant retail asset within a dominant regional retail
cluster. The property is being offered without a formal asking price, free and clear of
existing debt.
5
Tucka
ho
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oad
Cross Keys By-Pass (21,600 VPD)
Shadow Anchor
36,882 SF
35,0
00
SF
21,3
05 S
F
16,5
00
SF
19,2
34
SF
42
42
®
DOLLAR TREE
LA | F I T N E S S
PLAZA 42
WASHINGTON PLAZA
Market Overview
DOMINANT RETAIL CLUSTER
Primarily located along Route 42 and Cross Keys Road/Cross Keys Bypass, the four million square foot retail cluster surrounding Cross Keys Place represents one of the most densely populated concentrations of big-box retail in the surrounding area. This established shopping destination is home to a wealth of complementary retail centers, boasting a synergistic “who’s who” tenant roster that creates an exceptional draw for shoppers from a wide geographic trade area.
In addition to Cross Keys Place, top-performing assets include Cross Keys Commons, a Brixmor-owned, 216,000 square foot property anchored by Walmart, Ross, Marshalls, Staples and Ulta; Mill Pond Village, an Edens-owned, 95,000 square foot property anchored by ShopRite, Orangetheory Fitness and Hair Cuttery; and a 107,000 square foot, tenant-owned Target that is located directly adjacent to Lowe’s, Mattress Warehouse and Applebee’s Grill + Bar. These four institutional-quality assets comprise some of the most desirable retail properties within the area.
PREMIER METROPOLITAN PHILADELPHIA LOCATION
Cross Keys Place is located in New Jersey’s Gloucester County, which is part of the metropolitan Philadelphia area. Ranked among the nation’s 10 largest metropolitan areas by population, Greater Philadelphia comprises 13 counties in southeastern Pennsylvania, southern New Jersey and northern Delaware with a total residential population of 6.1 million people.
3-MILES57,500 People$98,300 AHHI
42T
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By-P
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7
DOLLAR TREE
SHOPPES AT CROSS KEYS
TURNERSVILLE AUTOMALL
GLOUCESTER TOWN CENTER
TOWN SQUARE PLAZA
CASEY O’BRIENFinancial Analyst
(617) [email protected]
Exclusively Offered By:
225 Franklin Street, Suite 3300Boston, MA 02110
ROBERT E. GRIFFIN, JR.U.S. Head of Capital Markets
(617) [email protected]
ROBERT MACKOWSKIAssociate Director
(201) [email protected]
JUSTIN SMITHSenior Managing Director
(617) [email protected]
GEOFFREY MILLERDVice Chairman
(617) [email protected]
The information contained in this Offering Memorandum (“Memorandum”) is highly confidential, furnished solely for the purpose of review by a prospective investor (“Principal”) of Cross Keys Place (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of the owner of the property (“Owner”) and Newmark Knight Frank (“NKF”). No warranty or representation, express or implied, is made by Owner, NKF or any of their respective affiliates as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. This Memorandum is the property of Owner and NKF and may be used only by Principals approved by Owner and NKF. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Owner and NKF.
FOR DEBT INFORMATION:
DAVID M. DOUVADJIANExecutive Managing DirectorHead of Mortgage Banking New England
(617) [email protected]
TIMOTHY O’DONNELLDirector
(617) [email protected]
PENNSYLVANIA
MARYLAND
DELA
WA
RE
NEW YORKCONNECTICUT
Delaware
River
Hud
son
Riv
er
Asbury Park
Bridgeton
Cape May
Sewell
Philadelphia
Ocean City
Salem
Phillipsburg
Freehold
Mt Holly
Hammonton
Wildwood
Atlantic City
Camden
Long Branch
Millville
Vineland
Lakewood
New Brunswick
Passaic
Toms River
ElizabethJersey CityNewark
Paterson
Trenton
78
80
287
95
195
295
Delaware Bay
Che
sape
ake
Bay
AT
LA
NT
IC
O
CE
AN
Long Island Sound
High Point 1803
Sewell, New Jersey
BRIAN SEGALLSenior Managing Director