Supremo Food Markets, a dozen-unit regional chain, is thesix-year-old property's anchor tenant. The tenant line-up includesnine other retailers, and the center has one vacancy, a 7,000-sfblock formerly occupied by Dollar Prime. Pennington Avenue Shoppingis situated on a former brownfields site in this city's West Wardredevelopment area. The center is also surrounded by several phasesof residential development, including a 110-unit active adultcomplex unveiled recently by Ted Davis, who heads CommunityConcepts.

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The sale transaction was brokered for both sides by BradNathanson, a director with the National Retail Group of Marcus& Millichap in that firm's Philadelphia office. M&M hadpicked up the exclusive on the property in early 2006. "The marketfor this shopping center was tremendous, as more than 20 offerswere submitted within a three-week marketing period," Nathansonsays.

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The deal was also in the offing for about a year. According toNathanson, the property was under contract for that time "due toEDA restrictions in transferring its 10-year tax abatement to thenew owner. The city also wanted to make sure the new ownershipwould come in with experience and professionalism," Nathansonsays.

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Besides the task of filling the 7,000-sf vacancy with one ormore new tenants, the property also has a value-add opportunity inthe form of a restaurant pad in front of the center. The new ownerssay that national retailers are the target.

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