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Foreign investor buys 50% of NJ shopping ctr.

New York-based American Continental Properties Group (ACP), a real estate investment and development firm, has sold a 50 percent interest in one of its regional shopping centers to a privately-held Dutch investment firm.

The Dutch investor purchased a limited partner interest in Cross Keys Commons, a 300,000-square-foot shopping center in Turnersville, New Jersey. The investment was $3.75 million in equity and an assumption of half of the property's $19.5 million mortgage.

ACP completed Cross Keys Commons in 1991. The center's anchor tenants include Wal-Mart, which occupies 114,000 square feet of space in what is the chain's first New Jersey store. Other anchors are ACME Supermarkets, which leases 57,000 square feet and RX Place, owned by Wool-worth, which has a 25,200 square foot store. Smaller retail tenants include House of Fabrics, Marianne/Marianne Plus, Marty's Shoes and Payless Shoes.

The shopping plaza is located on 50-acre tract at the intersection of Route 42 and Route 555 in Turnersville. The center is adjacent to Cross Keys Campus, a 200-acre complex being developed as a first class mixed-use project. The master plan, created by ACP, provides for over two million square feet of flex, office and warehouse space.
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Title Annotation:New Jersey shopping center acquired by Dutch investment firm
Publication:Real Estate Weekly
Date:Aug 12, 1992
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