Institutional Property Advisors Brokers Grocery-Anchored Shopping Center Sale in Southern New Jersey
“Gloucester Town Center is anchored by a 57,560-square-foot Acme Food Markets under an extended long-term lease with a planned, complete remodel for the store,” said Brad Nathanson, IPA senior managing director investments. “Complementing Acme is a tenant lineup of restaurant and service-oriented uses, nearly 80% of which are national tenants. Over the past few years, an abundance of pad sites were leased at Gloucester Town Center, including Taco Bell, KFC, and Chase Bank, exemplifying the draw of the center’s location on Berlin Cross Keys Road, a highly traveled commercial corridor.” Nathanson represented the seller, KPR Centers, and procured the buyer, a New York-based partnership.
Gloucester Town Center’s tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Nathanson stated: “Strong neighborhood grocery-anchored centers are still in high demand among investors with capital coming from multifamily and industrial investors, given the rise in interest rates offsetting yield requirements for well risk-adjusted retail opportunities.” Located approximately 15 miles from Philadelphia, there are over 60,000 residents within three miles of the center with an annual average income exceeding $106,000. Within five miles of the shopping center there are nearly 3,500 residential housing units either planned or under construction.
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