Marcus & Millichap : Cherry Hill Shopping Center Commands $5.9 Million Price Tag
June 29, 2022 at 02:52 pm EDT
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Cherry Hill Shopping Center Commands $5.9 Million Price Tag
June 29, 2022
CHERRY HILL, N.J., June 29, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cherry Hill Center, a four-suite, 17,800-square-foot shopping center located in Cherry Hill, New Jersey. The asset sold for $5,925,000, or $332.87 per square foot.
"Cherry Hill Center is located in one of the wealthiest and attractive submarkets in the Philadelphia MSA," says Derrick Dougherty. "This asset benefits from being strategically located along Haddonfield Road, directly across the street from the Market Place at Garden State, anchored by the top performing Wegmans in New Jersey."
Dougherty, senior vice president investments, in addition to Mark Krantz, senior associate, and Scott Woodard, first vice president investments, had the exclusive listing to market the property on behalf of the seller. All three brokers are located in the firm's Philadelphia office. John Horowitz, New Jersey broker of record, assisted in closing this transaction.
"The seller and his team should be commended for repositioning this asset in 2014 with a reputable tenant mix, clean leases, great visibility and plenty of parking available for the tenants and customers," added Dougherty.
Cherry Hill Center is located at 1200 Haddonfield Road in Cherry Hill, New Jersey. Its tenants include Zoe's Kitchen, Mattress Warehouse, Pho 9 and The Escape Room. The property is strategically positioned less than ten miles from Philadelphia with access to Route 70, Route 38 and the PATCO train station.
"We continue to see strong investor demand up and down Haddonfield Road because of the real estate fundamentals in place," says Krantz. This was an all-cash acquisition, and the buyer and broker were a pleasure to work with from beginning to end."
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 18:51:09 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
