CBRE Arranges Joint Venture Equity Partnership for Purchase of Interstate Shopping Center in Ramsey, New Jersey

CBRE has arranged a joint venture equity partnership for the purchase of Interstate Shopping Center, a 348,763-square-foot grocery and pharmacy-anchored shopping center in Ramsey. New Jersey-based Crossroads Companies partnered with Wafra, a global investment manager based in New York, on the transaction.

Chris Munley, Colin Behr, David Gavin, Ryan Sciullo and Casey Benson Smith of CBRE's National Retail Partners team arranged the partnership on behalf of Crossroads Companies.

"We appreciate the opportunity to support Crossroads Companies in raising the equity for the acquisition of Interstate Shopping Center," said Munley. "Given the quality and profile of the asset, the process was highly competitive and Wafra ultimately emerged as the preferred partner. The collaborative efforts among Crossroads, Wafra, and the seller were instrumental in bringing the transaction to a successful close. Congratulations to all parties on an excellent outcome."

Interstate Shopping Center is strategically located at the Route 17 and Franklin Turnpike interchange within the Northern New Jersey submarket, approximately 28 miles northwest of Manhattan. The property is anchored by regional grocer ShopRite and features a variety of national retailers and service provider tenants, including TJ Maxx, Michaels, Macy's, Burlington and DSW.

"Interstate Shopping Center represented a generational opportunity for both Crossroads Companies and Wafra to acquire a top-performing, ShopRite-anchored retail center in a highly sought-after market with significant barriers to entry, such as Ramsey," said Behr.