Madison Plaza at 1566 Route 38 in Lumberton — Courtesy: Marcus & Millichap
By Joshua Burd
A private buyer has acquired a nearly 12,000-square-foot retail property in Burlington County, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the seller, a private LLC, in the transaction at 1566 Route 38 in Lumberton. The 11,534-square-foot property, known as Madison Plaza, traded for just under $1 million.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, and Brian Hosey of the firm’s New Jersey office completed the assignment. Dougherty and Krantz also secured the buyer.
“It is not easy to close a multitenant retail deal during a pandemic,” Krantz said. “However, Madison Plaza is a great example of a buyer and seller creatively working together to help move this across the finish line.”
In a news release, Marcus noted that Madison Plaza features service-oriented tenants that cater to the local community. The center is 88 percent occupied and sits along one of South Jersey’s main retail corridors, with traffic counts of more than 43,000 vehicles daily.