The seller was the property's original developer, J. Loew & Associates of Downingtown, PA, which opened the center in stages spanning 2001-2002. Key tenants at Pine Grove Shopping Center, which is 100% leased, include a Peebles Department Store, McDonald's, Blockbuster Video, Fashion Bug, GNC, Radio Shack and True Value Hardware. The center is also "shadow-anchored" by a new 45,000-sf American Stores-owned Acme Supermarket, which was not part of the sale.
The South Jersey property also has a significant built-in customer base. Besides being flanked by a Deborah Hospital and the Pemberton Twp. Public Library, Pine Grove Shopping Center is also adjacent to both Fort Dix and McGuire Air Force Base.
New owner Cedar Income Fund is a REIT administered by Cedar Bay Realty Advisors. CIF invests primarily in supermarket-anchored shopping centers in southern New Jersey and eastern Pennsylvania.
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