Institutional Property Advisors Closes Southern New Jersey Shopping Center Anchored by Wawa
PENNSAUKEN TOWNSHIP, N.J., Jan. 12, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Point at Pennsauken, a 100%-occupied, 109,217-square-foot shopping center located four miles east of Center City Philadelphia in Pennsauken Township, New Jersey. The purchase price was $18 million. Brad Nathanson, IPA senior managing director, represented the seller, WRDC, and procured the buyer, Select Properties Inc.
“The Point at Pennsauken is strategically positioned at the convergence of two of the busiest commercial highways serving Southern New Jersey, Route 38 and Route 70, which have a combined traffic count that exceeds 110,000 cars per day,” said Nathanson. “Anchors to the site include one of the top-performing Wawa convenience stores with gas in the entire state of New Jersey as well as Dollar General, Harbor Freight Tools, Benihana and DaVita Dialysis, newly added to the roster in 2020. Nearly half of the property’s retail space is occupied by specialty retailer Restaurant Equippers store, which has been a tenant since 2012 and is one of the largest restaurant equipment warehouse companies in the country.”
Located within close proximity to Center City Philadelphia by way of the Ben Franklin Bridge, the center has strong frontage and direct access to the neighboring bedroom communities of Cherry Hill, Mount Laurel and Marlton. The population within a five-mile radius is 440,000 and the average annual household income is $87,446. Major regional employers within proximity include Cooper Health, Virtua Health, Campbell’s Soup, TD Bank, J&J Snack Foods, the Philadelphia 76ers, and Subaru. Brian Hosey is Marcus & Millichap’s broker of record in New Jersey.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com