Winick Realty inks $23.65 million shopping center sale
Winick Realty Group’s Investment Sales Team announced the successful sale of The Crossings at Marshall’s Creek in East Stroudsburg, PA.
The 106,616 s/f, grocery-anchored retail center sits on 12.5 acres at the intersection of State Route 209 and Oak Grove Drive (State Route 402).
Michael Cleeman and Dovid Kaufman represented both the seller, CBL & Associates Properties, Inc., and the buyer, Bluejay Management of NYC, in the $23.65 million off-market transaction.
“The seller developed the property in 2013 and was looking to divest and relocate their capital into other opportunities,” said Cleeman, senior vice president of investment sales. “The buyer was attracted to the property’s retail dominance along the Pennsylvania – New Jersey border. Having a newly-built grocer anchor with a healthy rent to sales ratio, as well as the upside potential in leasing up the vacant space, made this property desirable.”
At the time of the closing, The Crossings at Marshall’s Creek was 94% occupied. The center is anchored by a 24-hour Price Chopper, Rite Aid, STS Tire and Family Dollar, and several regional shops.
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.