801 Tilton Road in Northfield — Courtesy: Marcus & Millichap
By Joshua Burd
A nearly 50,000-square-foot shopping center in Atlantic County has a new owner, following a deal brokered by Marcus & Millichap.
In a news release, the firm said it arranged the $5.95 million sale of Island Gym Plaza, a 48,536-square-foot, multitenant shopping center at 801 Tilton Road in Northfield. The property is 95 percent occupied by a mix of local and regional tenants and anchored by Island Gym.
Marcus & Millichap represented both parties.
“The seller’s strategy was to geographically condense their portfolio closer to home,” Derrick Dougherty, vice president of investments for Marcus & Millichap, said in a prepared statement. “They were looking to focus on single-tenant assets, in an effort to preserve equity and eliminate the management component.”
Dougherty, along with Dean Zang, senior vice president investments in the firm’s Washington, D.C. office, represented the seller in conjunction with DSM Commercial Real Estate Services, the news release said. The buyer was secured and represented by Shannon Bona, an associate in Marcus & Millichap’s Philadelphia office.
J.D. Parker, the broker of record for New Jersey, assisted with closing the transaction.
“The buyer, a distinguished owner and operator of single-tenant (triple net leased) assets, felt confident diversifying his investments into multitenant shopping centers because of the attractive yield in that asset class versus yields in the net-leased world,” Bona said.
The firm said that three major highways — Route 9, the Garden State Parkway and the Atlantic City Expressway — intersect just miles from the property, while Tilton Road is the major thoroughfare for the surrounding area and several Jersey Shore communities.
