Thursday, February 28, 2019

Cranberry Plaza in Pennsville, NJ, Changing Hands

by Steve Lubetkin,
Cranberry Plaza, a 106,165-square-foot shopping center located in Pennsville, NJ, was sold for $3.525 million.
The seller was a private New Jersey-based investor who had owned the property for ten years and made numerous capital improvements. The buyer, a well-qualified New Jersey-based private investor.

“Cranberry Plaza offered investors solid double-digit cash-on-cash returns with upside potential in a stable market with very minimal downside risk. We were able to generate numerous qualified offers in a short period of time, and ultimately closed with the buyer that my client was most confident would execute.”
Cranberry Plaza is located on 18 acres of land at 233 S. Broadway in Pennsville, NJ. The center has 12 tenants, including Save A Lot, Metro PCS, and local tenants PV Pets and Tap & Bottle.

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