Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Cranberry Plaza, a 106,165-square-foot shopping center located in Pennsville, NJ. The center sold for $3,525,000.

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”, said 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 features 12 tenants including Save A Lot, Metro PCS, and local tenants, PV Pets and Tap & Bottle.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.