Union Lake Crossing, a vital center of Cumberland County retail commerce, was recently bought by Irgang Group. The 393,000-square-foot shopping center is the group’s second major retail property acquisition this year.
The Nyack, New York real estate investment and management firm acquired the 43.39-acre site from Goodman Properties. Terms were not disclosed.
Built in 2006, Union Lake Crossing is anchored by Target, and houses a mix led by a recently expanded and remodeled ShopRite supermarket, Kohl’s, Ross Dress For Less, Staples, and PetSmart. Over 95 per cent of the property’s occupied space is held by national tenants.
The property is situated at the intersection of North 2nd Street (Delsea Drive) and Union Lake Boulevard. Delsea Drive/State Route 47 is the county’s main retail corridor.
A 2017 Master Redevelopment Plan established the Route 47 corridor as the nexus of all future economic development in the greater Cumberland County market.
“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,” said Mark Irgang, CEO of Irgang Group.
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.
For Irgang Group, which had previously focused on multi-unit residential and mixed-use properties in New York City, the acquisition of Union Lake Crossing marked its second retail property transaction in the past three months. In September, the company closed on the acquisition of Main Street South Fulton, a 129,449-square-foot neighborhood shopping center in metro Atlanta. Kroger anchors the 100 percent occupied property, joined by such other notable tenants as Dollar Tree, Rainbow, and Humana.
“We are excited about the opportunities in retail real estate and are pursuing other acquisitions along the East and West coasts,” said Mr. Irgang. “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.”