Deptford Landing at 2000 Clements Bridge Road in Deptford — Courtesy: JLL
By Joshua Burd
An Eatontown-based firm has acquired a nearly 520,000-square-foot retail center in the Gloucester County township of Deptford, in a transaction arranged by JLL.
The buyer, Wharton Realty Group, paid an undisclosed sum for the fully leased Deptford Landing property at 2000 Clements Bridge Road, according to a news release. JLL represented a private seller in the transaction, noting that a global discount department store and its related membership-only warehouse club anchor the power center, which sits on 67.33 acres about 12 miles from Center City Philadelphia.
“Deptford Landing was well received by the investment community, with multiple offers coming from both private and institutional investors,” said JLL’s Jose Cruz, who completed the deal alongside Chris Munley, Steve Simonelli, J.B. Bruno, Jim Galbally, Colin Behr and Austin Pierce.
In a news release, the brokerage team said Deptford Landing is also home to DSW, Michaels, Five Below, PetSmart, Raymour’s Furniture and several other national tenants. The 517,096-square-foot property sits along Route 42, one of the area’s most-traveled roadways, and has easy connectivity to interstates 76 and 295.
More than 80,000 residents live within a three-mile radius.