MARCUS & MILLICHAP ARRANGES THE SALE OF A 11,534 SF RETAIL STRIP CENTER – MADISON PLAZA

LUMBERTON, NJ, May 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced the sale of Madison Plaza, a 11,534-square foot retail property located in Lumberton, NJ, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for just under $1,000,000.

Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, was secured by Derrick Dougherty and Mark Krantz. “It is not easy to close a multi-tenant retail deal during a pandemic; however Madison Plaza is a great example of a buyer and seller creatively working together to help move this across the finish line” says Krantz.

Madison Plaza, located at 1566 NJ 38 in Lumberton, NJ, is highlighted by service oriented tenants that cater to the local community. The center presented an opportunity to acquire a stabilized strip (88.36% occupied) center with the ability to lease up 11.64% of the remaining space. The property is ideally positioned along Route 38, one of South Jerseys main retail corridors, offering the property exceptional visibility with traffic counts upwards of 43,000 vehicles per day. The property is situated only minutes away from Mount Holly, the county seat of Burlington County, the 3-mile trade area is supported by a dense population of over 40,807 residents with an affluent average household income of $103,139

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.