Marcus & Millichap handles sale of 138,445 s/f retail property
VINELAND, NJ — Marcus & Millichap announced the sale of Maintree Shopping Center, a 138,445 s/f retail property located in Vineland, according to John Krueger, regional manager of the firm’s Westchester office. The asset sold for $13.1 million.
Kodi Traver, Joseph French Jr., and Thomas Dalzell, investment specialists in Marcus & Millichap’s Westchester office, along with Mark Taylor, senior managing director in Marcus & Millichap’s King of Prussia office, had the listing to market the property on behalf of the seller, a private investor. Brian Hosey, New Jersey Broker of Record, assisted in closing this transaction.
Maintree Shopping Center is located at 301 S Main Rd. in Vineland. The center is anchored by ACME in a 60,000 s/f store, and Dollar Tree. The center also has four freestanding PADS. “The main issue we had to overcome was the short time remaining on the ACME lease, less than two years. That, plus marketing and selling in the midst of the COVID pandemic made the price we obtained outstanding given those hurdles.” said Taylor.