Mill Pond Village at 380 Egg Harbor Road in Sewell — Courtesy: JLL
By Joshua Burd
An investor has purchased a grocery-anchored shopping center about five miles from Rowan University in Gloucester County, in a newly announced transaction by JLL.
The 94,550-square-foot property, Mill Pond Village, is located at 380 Egg Harbor Road in the Sewell section of Mantua Township. It is anchored by a ShopRite that has occupied the complex for nearly 13 years, JLL said, noting that the two-building asset is 98 percent leased.
JLL senior managing directors Jim Galbally, Chris Munley and Jose Cruz and senior directors Colin Behr and Steve Simonelli brokered the sale. Terms were not disclosed.
“Throughout the pandemic, we have seen exceptionally strong demand from investors for grocery-anchored shopping centers,” Galbally said. “Mill Pond Village is exactly what investors are looking for today — ShopRite is the dominant grocer in southern New Jersey, and the property is located in a trade area with strong demographics and a growing employment base.”
Located minutes from both Rowan and Jefferson Health, Mill Pond Village serves a trade area that includes 161,499 residents within a five-mile radius. Other tenants include Inspira Health, Orangetheory Fitness, Hair Cuttery and AAA, among others.
“With ShopRite performing extremely well at this location and attributing to such a large portion of the income, Mill Pond Village is a stable investment,” Behr said. “We saw a great amount of competition for this asset and we are pleased to have the opportunity to work with both buyer and seller as they worked diligently to complete the transaction.”
