Global asset manager Wafra has added a 348,742sqft grocery-anchored shopping centre in New Jersey to its US portfolio.
The New York City–based investment firm has acquired the Interstate Shopping Center in Ramsey through its managed funds in a joint venture with Crossroads Companies.
Financial details were undisclosed.
Interstate Shopping Center consists of seven buildings and 42 individual retail units. The property, situated along the Route 17 corridor connecting New Jersey and New York, is anchored by tenants including ShopRite, TJ Maxx, Burlington, Ulta Beauty, Michaels and DSW.
David Hamm, head of traditional real estate at Wafra, said: “We are excited to acquire Interstate Shopping Center in partnership with Crossroads.
“As one of the region’s most visited retail destinations, this transaction is consistent with our strategy of acquiring high performing shopping centres in affluent trade areas. We see meaningful opportunity to build on the centre’s strengths and drive long-term value for our investors.”
Steve Hittman, founder and CEO of Crossroads, said: “We are thrilled to partner with Wafra on the acquisition of Interstate Shopping Center, and to serve as its exclusive leasing and property manager.
“With its exceptional location, strong tenant mix, and vibrant customer base, the centre is one of the region’s premier retail destinations, and we look forward to building on its success.”
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