Thursday, January 21, 2021

South Jersey Shopping Center Outside Philadelphia Trades Hands

 A retail center anchored by a ShopRite grocery store in the suburbs of Philadelphia has traded hands.

Mill Pond Village, a 94,550-square-foot shopping center at 380 Egg Harbor Road in Sewell, New Jersey, was sold to Sterling Organization of West Palm Beach, Florida, by Edens of Washington, D.C. The sale price wasn't disclosed.

ShopRite, a dominant grocer in South Jersey, has been an anchor at the Gloucester County shopping center for nearly 13 years. The tenant roster at the 98% leased property also includes Inspira Health, Orangetheory Fitness, Hair Cuttery and AAA.

Mill Pond Village spans two buildings and is about 14 miles from Philadelphia's Center City District. The property's neighbors include Rowan University and Jefferson Health, and the retail site serves a trade area that includes 161,499 residents within a 5-mile radius.

"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," Colin Behr, a JLL senior director, said in a statement. "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."

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