Shopping Center Near Camden Sold For Nearly $25M
The Shoppes at Cross Keys, a 176k SF shopping center just off the Atlantic City Expressway, has been sold to the New York-based Jemstone Group.
The Shoppes, opened during the recession in 2009, was previously owned by Stoltz Management of Bala Cynwyd, which purchased it from its builders, Stanbery Development. Stoltz sold the center to Jemstone for nearly $25M five years after purchasing it for $10M, a testament to its success managing the property. CBRE brokered the sale, according to the Philadelphia Business Journal.
About 16 miles outside of Camden in Sicklerville, the Shoppes at Cross Keys is home to a number of chain restaurants, as well as a Pet Valu and a Hobby Lobby. [PBJ]