Gloucester Town Center at 525 Berlin-Cross Keys Road in Sicklerville — Courtesy: Marcus & Millichap
By Joshua Burd
Investment firm KPR Centers has sold a nearly 103,000-square-foot, grocery-anchored shopping center in Gloucester Township, in a deal arranged by Marcus & Millichap.
According to the brokerage team, the property at 525 Berlin-Cross Keys Road traded for an undisclosed price. Marcus & Millichap’s Brad Nathanson represented the New York-based seller in the deal with a private partnership, noting that the 102,660-square-foot Gloucester Town Center is 98 percent leased and anchored by a 57,560-square-foot Acme Food Markets.
He added that the grocer has a recently extended, long-term lease with plans to remodel the store, which sits within the Sicklerville section of Gloucester Township.
“Complementing Acme is a tenant lineup of restaurant and service-oriented uses, nearly 80 percent of which are national tenants,” said Nathanson, a senior managing director investments with Marcus’ Institutional Property Advisors unit. He also pointed to a recent flurry of pad site leases completed at the property with tenants 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.”
Other tenants at Gloucester Town Center include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. They occupy a site that is 15 miles from Philadelphia, with more than 60,000 residents within three miles of the center with an annual average income exceeding $106,000, along with nearly 3,500 residential housing units either planned or under construction within five miles of the shopping center.
“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,” Nathanson said.
