Institutional Property Advisors closes sale of anchored New Jersey grocery store mall

May 17, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of the 227,333 square foot Eagle Plaza, a grocery-anchored shopping center in Voorhees Township , New Jersey.

“Anchored by the Acme Markets subsidiary of Albertsons for more than 40 years, Eagle Plaza is the region’s premier grocery-anchored mall,” said Brad Nathanson, IPA’s senior managing director of investments. “The previous owner invested significant capital to enhance the appeal of the center by delivering new modern village-like facades which generated considerable interest in the property. The nationwide availability of shopping centers anchored in a grocery store with a major value-added opportunity in the high-income, infill submarkets of a major city center is rare, contributing to the huge demand that has been seen in Eagle Plaza. Nathanson represented the vendor, Hutensky Capital Partners, and recruited the buyer, First National Realty Partners.

Built in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at the main Voorhees Township intersection, which is shared by a newly renovated target, Chick-fil-A, Royal Farms, AMC Theater, and Edge Fitness. Located 20 miles east of Philadelphia, Voorhees Township is an affluent community in southern New Jersey adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is over $120,000.

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