$10M Sale of Grocery-Anchored Retail Center in Pennsauken Township, N.J.
christopherwiener
May 2
2 min read
PENNSAUKEN TOWNSHIP, N.J., April 11, 2025 – 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 Saigon Plaza, a 10-suite retail strip property located in Pennsauken Township, New Jersey. The property sold for $10 million.
“The successful sale of Saigon Plaza highlights the continued investor demand for grocery-anchored shopping centers with stable, long-term cash flow,” said Mark Krantz, first vice president investments. “The property's prime location along Route 38 and its strategic positioning near Philadelphia made it an attractive investment in today’s competitive retail market."
Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, who also operates Sun Seng Supermarket, the property’s long-term anchor tenant.
Situated on 4.40 acres, the property was built in 2008 and is tenanted by a mix of retail and service businesses. Sun Seng Supermarket has been a cornerstone of the center since 2011 and holds a remaining lease term of seven years. The site draws over 47,000 vehicles per day and is located just seven miles from downtown Philadelphia and near Cherry Hill, N.J. The center will continue operating as a multi-tenant retail asset, supported by strong fundamentals in suburban retail and sustained demand for necessity-driven tenants.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
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