MILLVILLE — Union Lake Crossing, a 393,000-square-foot dining, retail and grocery retail center, has been sold to the Irgang Group, a Nyack, New York-based real estate firm.
No sales price was released. Irgang purchased the property from Goodman Properties of Jenkintown, Pennsylvania, according to a news release issued Tuesday by Jaffe Communications.
“We are excited about the opportunities in retail real estate and are pursuing other acquisitions along the East and West coasts,” CEO Mark Irgang said. “Our focus is on well-anchored outdoor centers ranging in size from 100,000 square feet to 500,000 square feet of gross leasable area."
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“Mark (Irgang) and his team were a pleasure to work with during the transaction. Acquiring a dominant ShopRite-anchored center, such as this, will be an excellent anchor to their growing retail portfolio,” said Chris Munley, senior managing director for Goodman.
Union Lake Crossing, which is 95% occupied by national retailers, opened in 2006. It has several anchor stores, including Target and a remodeled ShopRite. Kohl's, Ross, Staples and PetSmart also have locations at the center.
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A Buffalo Wild Wings, Moe's Southwest Grill and Sonic are also located there.
The shopping center sits on Route 47, Cumberland County's main retail corridor. A 2017 master redevelopment plan identified the highway as the focus of future development, citing the more than 31,000 daily car trips along it, as well as its proximity to Route 55, which has a daily traffic count of 27,300.
“Between its strategic location, dominant anchors and solid mix of sub-anchors and smaller tenants, Union Lake Crossing ranks as the most-visited open-air retail center within a 15-mile radius, drawing 4.1 million shoppers over the last 12 months,” Irgang said.
The property draws from a primary market that includes 94,062 people in 33,580 households within a seven-mile radius. Average household income in the area is $71,574. But with its 73,740-square-foot ShopRite ranked as the second most visited grocer within a 30-mile radius — drawing 1.6 million visitors over the past 12 months — the property’s patrons travel from well beyond the primary market, according to Jaffe.
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