TIC buyer lands Jersey retail complex

Tenants run gamut from burgers to babies

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Faris Lee Investments negotiated the $64.3 million sale of ITC Crossing South Shopping Center, a retail property in Mount Olive, N.J. The nine-building property is located at 10 to 50 International Drive South. Built in 2002 and situated on 46.7 acres, it totals 366,000 square feet and was 100 percent occupied at closing by tenants that included Lowes, Michaels, Bed Bath & Beyond, TJ Maxx, McDonalds, Wendy's, Babies R Us, PetsMart and Old Navy. Los Angeles-based SCI Real Estate Investments, a TIC real estate investment company, purchased the property from Birmingham, Ala.-based AIG Baker. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. ...