offering synopsis sewell, new jersey...offering synopsis sewell, new jersey. premier retail asset...

8
OFFERING SYNOPSIS Sewell, New Jersey

Upload: others

Post on 16-Aug-2020

2 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

OFFERING SYNOPSIS

Sewell, New Jersey

Page 2: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

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

Page 3: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

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

Page 4: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

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.

Page 5: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

5

Tucka

ho

e R

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

Page 6: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

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.

Page 7: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

3-MILES57,500 People$98,300 AHHI

42T

uc

ka

ho

e R

oa

d

Cro

ss K

eys

By-P

ass

7

DOLLAR TREE

SHOPPES AT CROSS KEYS

TURNERSVILLE AUTOMALL

GLOUCESTER TOWN CENTER

TOWN SQUARE PLAZA

Page 8: OFFERING SYNOPSIS Sewell, New Jersey...OFFERING SYNOPSIS Sewell, New Jersey. PREMIER RETAIL ASSET 147,694 square foot retail asset comprising a power ... tenant roster that creates

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

[email protected]