Wafra Inc. (“Wafra”), the $30 billion New York City–based global alternative asset manager, today announced the acquisition of Interstate Shopping Center, a 348,742-square-foot grocery-anchored shopping center in Ramsey, New Jersey. Funds advised by Wafra are making the investment via a joint venture with Crossroads Companies (“Crossroads”), a real estate developer and manager.

Interstate Shopping Center is a well-established retail destination, consisting of seven buildings and 42 individual retail units. The property, situated along the Route 17 corridor connecting New Jersey and New York, is anchored by a strong tenant base, including ShopRite, TJ Maxx, Burlington, Ulta Beauty, Michaels, and DSW. The center attracts over 4.3M visitors annually and ranks in the 95th percentile for local and annual foot traffic volumes as compared to other shopping centers. This transaction marks the first time the property has changed ownership since an earlier and smaller version of the Center was acquired in the early 1990’s, with it being redeveloped and enlarged multiple times in the intervening years.

“We are excited to acquire Interstate Shopping Center in partnership with Crossroads,” said David Hamm, Head of Traditional Real Estate at Wafra. “As one of the region’s most visited retail destinations, this transaction is consistent with our strategy of acquiring high performing shopping centers in affluent trade areas. We see meaningful opportunity to build on the center’s  strengths and drive long-term value for our investors.”

“We are thrilled to partner with Wafra on the acquisition of Interstate Shopping Center, and to serve as its exclusive leasing and property manager,” said Steve Hittman, Founder and CEO of Crossroads. “With its exceptional location, strong tenant mix, and vibrant customer base, the center is one of the region’s premier retail destinations, and we look forward to building on its success. This transaction reflects the strong collaboration between our teams, and we’re grateful to everyone who helped make it possible.”

CBRE arranged the joint venture between Wafra and Crossroads, and Axiom Capital arranged the acquisition loan.

About Wafra

Wafra is a global alternative investment manager with approximately $30 billion of assets under management across a range of alternative assets, including real estate, strategic partnerships and real assets. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with high quality asset owners, companies, and management teams. Headquartered in New York, Wafra has additional offices in London and Bermuda. For more information, please visit www.wafra.com.

About Crossroads

Crossroads is a leading developer and owner of supermarket-anchored shopping centers in New Jersey. Since inception, the firm has developed, acquired, and/or managed approximately 1.5 million square feet of retail properties, representing more than $350 million in asset value. As a vertically integrated platform, Crossroads oversees all aspects of the investment process in-house, and regularly collaborates with strategic partners to drive efficiencies and deliver attractive risk-adjusted returns. In addition to its established retail platform, Crossroads is actively developing multifamily projects across Northern New Jersey, with a robust pipeline exceeding $370 million. For more information, please visit www.crossroads-companies.com.