NEW JERSEY—Lamar Companies has purchased ITC Crossing North, a 179,775-sq.-ft. shopping center in Mount Olive for $11.2 million.
Jeffery Oram, executive managing director of Colliers International’s Investment Services Group, along with Jonathan Ortiz, associate director with Colliers International, represented both the undisclosed seller and the buyer in the transaction.
Tom Lagos, a senior vice president, and El Warner, an associate vice president, both with Colliers International in Los Angeles, assisted with the transaction.
Located in Mount Olive Township, the center is 35 miles from Newark and is anchored by a 132,023-sq.-ft. Sam’s Club. The ITC Crossing North shopping center includes a 20,352-sq.-ft. Staples as well as a Subway restaurant.
Lamar Companies, based in Morristown, acquires distressed retail centers across the country with the aim of turning the properties around and realizing financial appreciation.
