Marking its first New Jersey transaction, Faris Leehas completed the $64.3 million sale of ITC Crossing South Shopping Center, a retail power center located in Mount Olive, New Jersey.
Richard Walter and Donald MacLellan of Faris Lee Investments represented the TIC (Tenant In Common) buyer, Los Angeles-based SCI Real Estate Investments, an integrated real estatecompany. The institutional seller, Birmingham, Alabama-based AIG Baker represented itself.
Built in 2002 and situated on 46.73 acres, the nine-building property totals 366,000 sq. ft. and is 100% occupied bycredit tenants including: Lowes, Michaels, Bed Bath & Beyond, TJ Maxx, McDonalds, Wendy’s, Babies R Us, PetsMart and Old Navy. The center is also shadow-anchored by Wal-Mart.
According to Richard Walter, president of Faris Lee Investments, this transaction was extremely complicated because it involved a diversity of issues that required the team’s deep-rooted expertise at identifying and resolving potentialbreakers.
“Faris Lee’s team is known for taking on and closing complex deals that others fail to complete,” said Walter. “Our company houses a team of high-level retail investment experts that develop unconventional strategies and produce better results, closing transactions above client expectations. ITC Crossing South is a prime example of a complex deal needing the ultimate in strategy and team expertise.”
“Many times the most challenging deals, when overcome, produce investments with the greatest rewards,” said MacLellan. “This center boasted a prime tenant mix with 100% occupancy, great location adjacent to Interstate 80 and the buyer would own all the restaurant pads including the McDonald’s, Panera Bread, Applebees, Longhorn Steak and Wendy’s pads.”