Marcus & Millichap said it recently brokered the sale of Maintree Shopping Center, a 138,445-square-foot, grocery-anchored retail property located in Vineland, for $19.3 million.
Joseph C. French Jr., Kodi Traver and Thomas Dalzell, investment specialists in Marcus & Millichap’s Westchester, New York, office, had the listing to market the property on behalf of Aspen Vineland LLC, a New Jersey-based private investor. The buyer, a California-based private investor, was secured and represented by French Jr.
“We were able to identify a buyer who understood the property and will be able to back-fill the vacancies, thereby being able to pay an aggressive price,” French Jr. said.
Maintree Shopping Center is located at 301 S. Main Road. Built in 1996, the property is a dominant shopping destination for the eastern section of Vineland. The asset is located at the intersection of heavily traveled South Main Road and East Chestnut Avenue.
The center’s anchor tenant is Acme Supermarket, and it has numerous national and regional tenants, along with the center’s five restaurant tenants: Boston Market, Burger King, Pizza Hut, Sino Wok and Primo Hoagies.