Cranberry Plaza, 233 S. Broadway, Pennsville, NJ Cranberry Plaza, 233 S. Broadway, Pennsville, NJ

PENNSVILLE, NJ—Marcus & Millichap brokered the sale of Cranberry Plaza, a 106,165-square-foot shopping center located in Pennsville, NJ, for $3.525 million.

Michael Cebula, a senior associate in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private New Jersey-based investor who had owned the property for ten years and made numerous capital improvements. The buyer, a well-qualified New Jersey-based private investor, was also secured and represented by Cebula.

“Cranberry Plaza offered investors solid double-digit cash-on-cash returns with upside potential in a stable market with very minimal downside risk,” says Cebula. “We were able to generate numerous qualified offers in a short period of time, and ultimately closed with the buyer that my client was most confident would execute.”

Cranberry Plaza is located on 18 acres of land at 233 S. Broadway in Pennsville, NJ. The center has 12 tenants, including Save A Lot, Metro PCS, and local tenants PV Pets and Tap & Bottle.