Marking its first New Jersey transaction, Faris Lee Investments has 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 estate investment company. 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 by national credit 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 potential deal breakers.
“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.”