ShopRite-anchored retail center sold in suburban Philadelphia
JLL Capital Markets closed the sale of the Sewell, New Jersey, center
PHILADELPHIA, Jan. 20, 20201 – JLL Capital Markets announced today that it has closed the sale of Mill Pond Village, a 94,550-square-foot dominant retail center anchored by ShopRite in the suburban Philadelphia community of Sewell, New Jersey.
ShopRite, the dominant grocer in Southern New Jersey, has called Mill Pond Village its home for close to 13 years. Inspira Health, Orangetheory fitness, Hair Cuttery and AAA, among others, round out the tenancy of the 98-percent-leased center.
The center spans two buildings at 380 Egg Harbor Rd., which is an infill location approximately 14 miles from Center City Philadelphia. The center is surrounded by local demand generators, including Rowan University and Jefferson Health, and serves a trade area that includes 161,499 residents within a five-mile radius.
“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.”
“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 added. “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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.