Marcus & Millichap negotiated the sale of the Acme Supermarket-anchored Maintree Shopping Center at 301 S. Main Road in Vineland. Maintree Shopping Center was built in 1996.
According to a February 7 announcement of the sale from First Vice President and Division Manager John Horowitz, based in Marcus & Millichap’s Manhattan office, the 138,445-square-foot property sold for $19.3 million.
Joseph French Jr., Kodi Traver and Thomas Dalzell—investment specialists in Marcus & Millichap’s Westchester office—had the listing to market the property on behalf of a New Jersey-based private investor, Aspen Vineland LLC.
The buyer, a Canadian private investor from California, was secured and represented by French.
“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, Traver and Dalzell said in a statement.
Currently, the property boasts an 83 percent occupancy rate.
The firm described the center as a dominant shopping destination in the eastern part of Vineland. Along with Acme and other regional and national retailers, the property offers five restaurants: Boston Market, Burger King, Pizza Hut, Sino Wok and PrimoHoagies.
Last month, Marcus & Millichap arranged the sale of another Acme-anchored shopping center, that one in North Jersey.