545 West Broad St. in Paulsboro — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a more than 46,000-square-foot retail center in Paulsboro for some $2.5 million, brokers with Marcus & Millichap announced last week.
In a news release, the team said the property at 545 West Broad St. has Save-A-Lot Food Stores and Dollar Tree as its anchors with additional potential for pad site development. It also benefits from its proximity to Interstate 295 and major employment centers, including the nearby ExxonMobil Lube Plant and Paulsboro Refinery.
Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in the firm’s New Jersey office, represented both parties in the roughly $2.503 million deal.
“Value-add, grocery-anchored shopping centers in New Jersey are among the most in-demand asset classes in the market today,” said Cafiero, a senior managing director for investments. “As expected, we had tremendous activity on this deal, which ultimately sold to a buyer executing a 1031 exchange.”
