One of Royal Farms’ new properties in South Jersey changed hands for $6.4 million, less than a year after the same developer sold another new Royal Farms site for the same price.
Property records show an LLC tied to Bala Cynwyd-based Moreland Development sold the convenience store and gas station at 680 Cross Keys Rd. in Sicklerville to Global Village LLC, which is linked to a residential address in Vienna, Virginia.
The store opened in November and is located less than a mile from the busy Rt. 42 corridor. It’s among 10 Royal Farms locations that have cropped up in New Jersey in recent years. The Baltimore-based chain, known for its fried chicken, continues to expand in the Philadelphia area as it tries to eat away at Wawa’s hold on the region’s convenience store market.
Both Royal Farms’ and Wawa’s growth in the region have created new opportunities for real estate investors looking for stable assets, as convenience stores with gas stations are often located on desirable, high-traffic corners and have long-term, reliable tenants. New stores are set to open in Marlton in Burlington County and Manville, Somerset County, which marks Royal Farms’ first foray into Central Jersey.
Moreland also sold the Royal Farms site it developed in Voorhees to a New York property management company for $6.4 million last year, and sold Royal Farms’ first location in Philadelphia to a local investor for $7.26 million in 2017.
*Article courtesy of Philadelphia Business Journal
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