Eagle Plaza at 700 Haddonfield-Berlin Road in Voorhees — Courtesy: First National Realty Partners
By Joshua Burd
First National Realty Partners has made another addition to its grocery-anchored retail portfolio, acquiring a nearly 230,000-square-foot shopping center in Camden County.
The real estate investment firm, which is based in Red Bank, paid an undisclosed sum for the Voorhees property known as Eagle Plaza. The deal at 700 Haddonfield-Berlin Road marks its fourth purchase of a supermarket-anchored shopping center in New Jersey, providing exposure to a densely populated market 15 miles from downtown Philadelphia and an affluent population within a three-mile radius.
Marcus & Millichap’s Brad Nathanson marketed the property on behalf of Hutensky Capital Partners, a Hartford, Connecticut-based fund manager, and procured the buyer.
“Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Nathanson, a senior managing director with the firm’s Institutional Property Advisors division. “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.”
Built in 1977, Eagle Plaza is home to national and regional retailers and service providers, including Ross, Wine Warehouse, Mattress Firm, T-Mobile, Chipotle and others across 227,333 square feet. Acme’s footprint spans 66,500 square feet, serving a population of more than 80,000 residents from Voorhees and surrounding communities.
“Eagle Plaza is an essential neighborhood shopping destination that offers an outstanding opportunity for FNRP to expand our footprint in the New Jersey market,” said Matt Annibale, a senior director of acquisitions with the firm. “With a highly affluent demographic and proximity to Philadelphia, Voorhees is a perfect fit for our portfolio. And the approximately 67,800 square feet of available space provides significant upside potential by way of increased occupancy and cash flow.”
FNRP’s New Jersey shopping center portfolio also includes Acme Commons in Bordentown, Crestwood Village in Manchester Township, The Court at Hamilton in Hamilton and Vineland Retail Center in Vineland.