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MULLICA HILL, NJ-Mullica Hill Plaza, a three-year-old, 91,000-sf grocery-anchored shopping center, has been sold for $22 million, which factors out to $253 per sf. The 17-acre property, fully leased, is anchored by Stop & Shop. Other tenants include Blockbuster, Carvel Ice Cream, Donna’s Hallmark, Verizon Wireless, McDonald’s, Subway, Pet Valu and UPS Store.

The seller, original developer Madison Development Group of Philadelphia, was represented by Mark Taylor, Dean Zang and Christopher Munley of the Philadelphia office of Marcus & Millichap. The new owner of the property, Boston-based AEW Capital Management Inc., was represented by Sharon Bands, a senior director in the Manhattan office of Marcus & Millichap.

“The property presented the buyer with an opportunity to acquire a neighborhood shopping center in the town center of one of the fastest-growing municipalities in the Philadelphia metro area,” says Taylor, who notes that the shopping center is located adjacent to the town’s post office and municipal complex. A new residential community is also within walking distance.

“The transaction was difficult because the property had debt in place that had to be assumed,” Taylor says. “We had to find a buyer who could pay a significant amount of equity over the debt, and would be a long-term holder of the asset to realize a significant return.”

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