Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale
“Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Brad Nathanson, IPA senior managing director investments. “Previous ownership invested significant capital to improve the center’s curb appeal by delivering new modern village-looking facades that drove significant interest in the property. The availability nationally of grocery-anchored shopping centers with a major value add opportunity within infill high income submarkets of a major city center are rare, contributing to the tremendous demand that was seen on Eagle Plaza.” Nathanson represented the seller, Hutensky Capital Partners, and procured the buyer, First National Realty Partners.
Constructed in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at Voorhees Township’s main intersection, which is shared by a recently renovated Target, Chick-fil-A, Royal Farms, AMC Theatre, and Edge Fitness. Located 20 miles east of Philadelphia, Voorhees Township is an affluent Southern New Jersey community adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is more than $120,000.
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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.